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This year's inflation rate in February was 67.1%, which was somewhat less. The price rises in the hotel sector (+5.6%), catering (3.9%), and education (+13% compared to February) were the main causes of the acceleration of inflation. The school sector saw the largest year-over-year price increases in March (up 104%), followed by the hotel and catering sectors, where prices have increased by 95%, and the medical and health care sectors, where prices have increased by 80%.
Experts presume that the government's decision to raise the minimum wage on the eve of elections and in response to popular unrest played a major role in the acceleration of inflation in March. The minimum monthly wage was increased by 49% to 17,000 liras ($578) at the conclusion of the previous year.
Turkish authorities have already increased the benchmark discount rate of the central bank to 50% in an effort to combat inflation. Many analysts point out that President Erdogan directly oversaw the Central Bank's policies until the middle of last year, and that meant a significant amount of time was squandered because he refused to hike the rate even when inflation was already picking up speed.
source: dailysabah.com
Experts presume that the government's decision to raise the minimum wage on the eve of elections and in response to popular unrest played a major role in the acceleration of inflation in March. The minimum monthly wage was increased by 49% to 17,000 liras ($578) at the conclusion of the previous year.
Turkish authorities have already increased the benchmark discount rate of the central bank to 50% in an effort to combat inflation. Many analysts point out that President Erdogan directly oversaw the Central Bank's policies until the middle of last year, and that meant a significant amount of time was squandered because he refused to hike the rate even when inflation was already picking up speed.
source: dailysabah.com
