Connect with us

consumer price index

Latest Turkey Inflation Rate Of 79.6% The Highest In 24 Years — Weakening Lira And Russia-Ukraine War Blamed

Published

on

Latest Turkey Inflation Rate Of 79.6% The Highest In 24 Years — Weakening Lira And Russia-Ukraine War Blamed

According to the latest data from the Turkish Statistical Institute, the country’s annual inflation rate for the month of July was 79.6%, the highest in 24 years. Rising transportation costs, food and non-alcoholic beverages were some of the product categories that contributed to the overall rate increase.

Transportation Costs Rose the Most

Turkey’s consumer inflation rate in July surged to 79.60% — the highest in 24 years — while the monthly rate stood at 2.37%, the latest data from the Turkish Statistical Institute (TSI) has shown. According to the data, transportation costs, which rose by 119.1%, were one of the four main product groups whose prices rose faster than the consumer price index (CPI).

Source: Turkish Statistical Institute

The three other product groups whose inflation rate rose faster than 79.6% are food and non-alcoholic beverages which went up by 94.65%, furnishings and household equipment (88.35%), and alcoholic beverages and tobacco (82.66%).

Advertisement

However, according to the TSI, while the transportation group is noted as the group with the biggest monthly increase, the data shows it is also the only main group that recorded a negative monthly increase — approximately -0.85%. On the other hand, the health group saw the highest monthly increase of 6.98% and is closely followed by the alcoholic beverages and tobacco group which saw an increase of 6.85%.

Rate of Price Increases Accelerated in 2022

Although Turkey’s inflation rate had been trending upwards since the year 2021, starting in January 2022, the rate of price increases has accelerated. This can be corroborated by the latest TSI data which shows that since December 2021 prices have increased by an average of 45.72%. At the same point last year, prices had increased by 10.41%, and 6.37% a year before.

Meanwhile, according to a Reuters report, Turkey’s rapidly depreciating local currency, as well as the impact of the ongoing Ukraine-Russia war, are some of the main factors contributing to the rise in prices. Despite the rate’s rise to levels last seen in 1998, the Turkish central bank has reportedly said it expects this to drop to 42.8% by the end of 2022.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Advertisement
Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons, Caglayan Unal Sumer / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement

Biden

‘World War III Has Begun,’ Says Gerald Celente; Plus, Long-Term BTC Predictions And Scorching US Inflation — Bitcoin.com News Week In Review

Published

on

‘World War III Has Begun,’ Says Gerald Celente; Plus, Long-Term BTC Predictions And Scorching US Inflation — Bitcoin.com News Week In Review

Trend forecaster Gerald Celente told Bitcoin.com News that “World War III has begun,” weighing in on Covid-19, crypto, the Great Reset, and gold in an exclusive interview. Jordan Belfort, aka the Wolf of Wall Street, talked long-term BTC investing, as scorching inflation in the U.S. continues to plague Americans, though Biden’s White House says the latest numbers are “out-of-date.” All this and more in your bite-sized digest of this week’s hottest stories from Bitcoin.com News.

Trend Forecaster Gerald Celente Says World War 3 Has Begun — ‘If the People Don’t Unite for Peace, We Are Finished’

This week Bitcoin.com News spoke with Gerald Celente, the popular trends forecaster, and publisher of the Trends Journal. During a telephone conversation, Celente discussed the uncertainty surrounding the global economy after governments worldwide locked down the world’s citizens over the Covid-19 pandemic, shut down businesses and injected trillions into the economy.

Advertisement

The discussion touches upon gold, bitcoin, the pandemic, the Ukraine-Russia war, and the Federal Reserve. The trends forecaster believes that World War III has already begun, and if people do not assemble to bolster peace in this world, then we the people are doomed. Celente stressed that if people want real change, they cannot rely on hope as they need to take a stand to make it happen themselves.

Read More

‘Wolf of Wall Street’ Jordan Belfort Says He’d Be Shocked if You Didn’t Make Money Investing in Bitcoin Long Term

Jordan Belfort, aka the Wolf of Wall Street, says if you take a three, four, or five-year horizon, he would be shocked if you didn’t make money investing in bitcoin because the underlying fundamentals are really strong.

Read More

Advertisement

Kevin O’Leary Warns Major Crypto Panic Event Is Coming — ‘I Don’t Believe We’ve Seen the Bottom Yet’

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has warned of an impending “big panic event” in the crypto space. “I don’t believe we’ve seen the bottom yet and I have a different view of it,” he said.

Read More

US Inflation Remains Scorching Hot, Jumping to 9.1% in June — White House Says CPI Data Is Already ‘Out-of-Date’

According to the latest Bureau of Labor Statistics Consumer Price Index (CPI) report, U.S. inflation remains scorching hot as it has risen at the fastest yearly rate since 1981. June’s CPI data reflected a 9.1% year-over-year increase, even though a number of bureaucrats and economists thought May’s CPI data would be the record peak.

Advertisement

Read More

What are your thoughts on this week’s hottest stories from Bitcoin.com News? Let us know in the comments section below.

Bitcoin.com

Bitcoin.com is your premier source for everything Bitcoin-related. We can help you buy bitcoins and choose a bitcoin wallet. You can also read the latest news, or engage with the community on our Bitcoin Forum. Please keep in mind that this is a commercial website that lists wallets, exchanges and other Bitcoin-related companies.

Advertisement

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement

Continue Reading

consumer price index

Turkey’s Inflation Rate Surges To 70%, Monthly Rate Of Change Now 7.25%

Published

on

Turkey’s Inflation Rate Surges To 70%, Monthly Rate Of Change Now 7.25%

The latest data from the Turkish Statistical Institute (TSI) shows that rising transportation and food costs were some of the key factors contributing to the surge in the country’s inflation rate to 70%.

Economic Revival Efforts Not Bearing Fruit

Rising commodity prices and increased transport costs are some of the key contributing factors behind the surge in Turkey’s inflation rate to 70%, the latest data has shown. On a month-to-month basis, however, April prices are only 7.25% higher, data from the Turkish Statistical Institute (TSI) shows.

Image: TSI

The new data again suggests that Turkey’s President Recep Tayyip Erdoğan’s attempts to revive the economy are not bearing fruit just yet. As previously reported by Bitcoin.com News, Turkey’s deteriorating economic situation took a turn for the worst after President Erdogan fired the then central bank governor, Naci Agbal.

Advertisement

Since then, the country’s monetary authorities have struggled to tame the consumer inflation rate, which stood at 17.14% in April 2021. By the end of the last quarter of 2021, Turkey’s CPI was already over 20%. In fact, according to a Bitcoin.com News report in January 2022, the country’s inflation rate was 36%.

Driving Turkey’s consumer price index in the month of April, according to the data, were transportation costs, which more than doubled from what they were 12 months ago. Food and non-alcoholic beverages (89.1%) are one of three groups of goods whose realized annual change is higher than 70%. Prices in the furnishings and household equipment main group were up by 77.64%.

Communication Has Lowest Observed Annual Increase

When compared to the general consumer price index (CPI), about 9 “main groups” had realized annual price increases that are lower than 70%. The main group that had the lowest observed annual price change is the communication category, which recorded 18.71%.

With respect to monthly changes in main groups, the TSI said:

“In April 2022, miscellaneous goods and services with 0.93%, health with 1.31% and communication with 2.87% were the main groups that indicated [the] lowest monthly increase. On the other hand, food and non-alcoholic beverages with 13.38%, housing with 7.43%, and clothing and footwear with 6.96% were the main groups where high monthly increases realized.”

Advertisement

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Advertisement

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons, John Wreford

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement
Continue Reading

American Economy

Data Shows US Consumer Prices Hit A 40-Year High, Biden Blames Inflation On ‘Putin’s Aggressive Actions’

Published

on

By

Data Shows US Consumer Prices Hit A 40-Year High, Biden Blames Inflation On ‘Putin’s Aggressive Actions’

Following the record 7.5% high for January, the U.S. Labor Department’s Consumer Price Index (CPI) data shows February’s CPI metrics rose to 7.9%. The CPI data published on Thursday is a new 40-year high and month over month, inflation jumped by 0.8%. President Joe Biden is blaming the inflation spike on Russia’s invasion, as he previously warned “there will be costs at home.”

February’s CPI Data Jumps to 7.9%, US Stocks Suffer

In the U.S., there’s been a significant increase in the prices of goods and services in the American economy every single month. American citizens continue to see a decrease in purchasing power when leveraging U.S. dollars for a number of goods and services. The Consumer Price Index (CPI) is a government-crafted metric that records a market basket of consumer goods and services Americans purchase on a regular basis. The data is published on a monthly basis by the U.S. Labor Department, an entity that is responsible for governing occupational safety and publishing economic statistics.

U.S. Labor Department’s Consumer Price Index (CPI) data published on Thursday, March 10, 2022.

Last month, Bitcoin.com News reported on the CPI’s jump to 7.5% and this month’s CPI numbers continue to highlight a dismal outlook. “The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8 percent in February on a seasonally adjusted basis after rising 0.6 percent in January,” the U.S. Bureau of Labor Statistics reported. “Over the last 12 months, the all items index increased 7.9 percent before seasonal adjustment.” After the Bureau of Labor published the report, all four major equities indexes (Dow, Nasdaq, NYSE, S&P 500) shuddered.

Advertisement

Biden Blames Russia, Calls Inflation Spike ‘Putin’s Price Hike’

Most of the stock market rout on Thursday has been blamed on the Russia-Ukraine war. Despite the fact that data shows inflation was broadening into a myriad of sectors across the U.S. well before the war, president Joe Biden and his administration are blaming Vladimir Putin.

“Today’s inflation report is a reminder that Americans’ budgets are being stretched by price increases and families are starting to feel the impacts of Putin’s price hike,” Biden explained on Thursday. “A large contributor to inflation this month was an increase in gas and energy prices as markets reacted to Putin’s aggressive actions,” the U.S. president added.

Doocy Asks Psaki: ‘Are You Guys Going to Start Blaming Putin for Everything Until Midterms?’

Meanwhile, gold bug and economist Peter Schiff criticized the method the U.S. Labor Department uses to calculate the CPI. “Consumer prices jumped .8% in Feb, bringing the YOY rise to 7.9%, the highest since Jan. 1982,” Schiff tweeted. “If the CPI still measured prices the same way it did then the YOY gain would be over 15%, higher inflation than any year during the 1970s and this stagflation decade has just started.”

Doocy to Psaki: “Are you guys going to start blaming Putin for everything until the midterms?” pic.twitter.com/OSWwOBWZLc

— The Post Millennial (@TPostMillennial) March 10, 2022

Advertisement

Additionally, the Biden’s administration blame game toward Putin has been denounced by a number of analysts and journalists. White House correspondent for Fox News, Peter Doocy, asked the 34th White House press secretary Jen Psaki how long the administration planned to blame Russia for everything? “Are you guys going to start blaming Putin for everything until midterms?” Doocy asked the press secretary.

Biden’s statements concerning the latest inflation report, explain that he warned about Russia’s invasion putting pressure on the American economy. “As I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putin’s unprovoked war,” Biden remarked on Thursday.

What do you think about the rising inflation in the U.S. and the Biden administration blaming the Russia-Ukraine war and “Putin’s aggressive actions?” Let us know what you think about this subject in the comments section below.

Advertisement
Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Advertisement

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading

Top posts

Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance? Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?
btcusd3 hours ago

Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?

Monero has its hands full trying to keep its momentum and rally forward. But, it must first overcome obstacles. As...

TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout
Binance Coin3 hours ago

TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout

The price of Binance coin (BNB) continues to look strong as it holds its support against Tether (USDT) after the...

July’s CPI Report Shows US Inflation Cooling — Critics Say ‘US Government’s Formula Understates The Actual Rise In Prices’ July’s CPI Report Shows US Inflation Cooling — Critics Say ‘US Government’s Formula Understates The Actual Rise In Prices’
analyst3 hours ago

July’s CPI Report Shows US Inflation Cooling — Critics Say ‘US Government’s Formula Understates The Actual Rise In Prices’

After last June’s inflation report published by the U.S. Bureau of Labor Statistics indicated that the Consumer Price Index (CPI)...

TA- Bitcoin Bounced off Key Support After CPI Announcement TA- Bitcoin Bounced off Key Support After CPI Announcement
Bitcoin bulls4 hours ago

TA- Bitcoin Bounced off Key Support After CPI Announcement

The price of Bitcoin (BTC) bounced off its key support against Dollars (USD) after the Consumer Price Index (CPI) announcement...

Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum
$6.13 billion TVL5 hours ago

Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum

Reports indicate that the decentralized finance (defi) protocol Curve was hacked for $570,000 in ethereum after people noticed that Curve’s...

Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40 Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40
Analysis6 hours ago

Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40

Avalanche rallied on Wednesday, as the token broke out of a key resistance level on its way towards a multi-month...

German Crypto Exchange Nuri Files For Insolvency German Crypto Exchange Nuri Files For Insolvency
Bankruptcy7 hours ago

German Crypto Exchange Nuri Files For Insolvency

Cryptocurrency exchange Nuri has filed for insolvency, reportedly becoming Germany’s first fintech to take the step in a challenging year...

Report: Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed Report: Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed
Baidu9 hours ago

Report: Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed

Nearly 13,000 Chinese social media accounts that allegedly promoted virtual currency investments were closed, the Cyberspace Administration of China recently...

Decentralizing The Internet: How Wayru Is Bringing People Together With Blockchain Decentralizing The Internet: How Wayru Is Bringing People Together With Blockchain
Sponsored10 hours ago

Decentralizing The Internet: How Wayru Is Bringing People Together With Blockchain

sponsored In 2011 the UN released a report declaring the internet a Human Right, but over a decade later millions...

Current Mortgage Refinance Rates, August 10, 2022 | Rates Move Higher Current Mortgage Refinance Rates, August 10, 2022 | Rates Move Higher
rates10 hours ago

Current Mortgage Refinance Rates, August 10, 2022 | Rates Move Higher

Advertiser Disclosure Jason Stauffer Jason Stauffer Staff WriterAdvertisement Jason Stauffer is a personal finance reporter who previously covered the housing...

USDT volume on exchanges up 20% in 3 months USDT volume on exchanges up 20% in 3 months
Binance10 hours ago

USDT volume on exchanges up 20% in 3 months

USDT volume on exchanges up 20% in 3 months Oluwapelumi Adejumo · 6 mins ago · 2 min read According...

Axie Infinity holders have reasons to celebrate market drawdown Axie Infinity holders have reasons to celebrate market drawdown
Altcoins11 hours ago

Axie Infinity holders have reasons to celebrate market drawdown

The market crash has affected every cryptocurrency in some or the other way. And, the recovery from the same has...

What’s changed in GameFi in the last month? – July Report What’s changed in GameFi in the last month? – July Report
Analysis12 hours ago

What’s changed in GameFi in the last month? – July Report

What’s changed in GameFi in the last month? – July Report Footprint Analytics · 2 hours ago · 7 min...

How To Make Money From Ethereum Name Service? How To Make Money From Ethereum Name Service?
Cryptocurrency12 hours ago

How To Make Money From Ethereum Name Service?

Learn how you can use ENS to become rich We all love to reap the benefits of advanced technologies, but...

Degrain (DGRN) Continues To Thrive In Bear Market, Outshines Litecoin(LTC) And Polkadot(DOT) Degrain (DGRN) Continues To Thrive In Bear Market, Outshines Litecoin(LTC) And Polkadot(DOT)
Cryptocurrency13 hours ago

Degrain (DGRN) Continues To Thrive In Bear Market, Outshines Litecoin(LTC) And Polkadot(DOT)

In this article, we examine why the coin on the block, Degrain, has been thriving while Litecoin and Polkadot have...

HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol
Blockchain13 hours ago

HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol

The voting model will utilize HUMAN Protocol Reputation Oracles to adjust voting power. Last week, HUMAN Protocol announced the introduction...

Report: Samsung Signs MOU To Build Galaxy NFT Ecosystem Report: Samsung Signs MOU To Build Galaxy NFT Ecosystem
Digital Plaza13 hours ago

Report: Samsung Signs MOU To Build Galaxy NFT Ecosystem

Korean electronic goods producer Samsung Electronics recently signed a memorandum of understanding (MOU) with six companies that will collaborate to...

Shiba Inu Breakout Is On The Way! And Only Whales Can Help In That Shiba Inu Breakout Is On The Way! And Only Whales Can Help In That
Cryptocurrency14 hours ago

Shiba Inu Breakout Is On The Way! And Only Whales Can Help In That

Shiba Inu is outperforming in the crypto market and gaining the attention of ETH whales Shiba Inu is the most...

Trending

Daily Bitcoin MiningEarn At least $50 daily with just your phone