New York (The Times Groupe)- Inflation in Turkey has reached over 70 percent. Yet, Goldman Sachs predicted on Friday that annual inflation in Turkey will reach almost 80% before decreasing to 60% by the end of 2022 due to favourable base effects.
Despite a currency crisis last year and soaring energy costs caused by Russia’s invasion of Ukraine, Turkey’s inflation rate hit 73.5% in May.
In addition to losing 44% against the dollar in 2021, the lira has lost another 24% so far this year. According to the Reuters, Turkey’s real yields are deep negative amid a global tightening cycle, keeping it under pressure. Goldman Sachs