Source: Reuters
Turkish inflation soared to 9.49 percent month-on-month in July, official data showed on Thursday, rising slightly more than forecast and driven by various tax hikes and the lira’s sharp depreciation.
Security & Justice
State Action Signals Change in Tackling Longstanding Illegal Land Grabs in Jbeil District
For years, the serene villages of Jbeil's highlands have been far from peaceful. Ghabat, a Maronite village nestled between the predominantly Shiite towns of Afqa and Lassa, has become a focal point of growing tensions due to territorial disputes.
Friday, December 20, 2024
Mawlawi Ensures Strict Monitoring for Wanted Syrian Regime Figures at Beirut Airport
Caretaker Minister of Interior, Bassam Mawlawi, conducted an inspection tour of Rafic Hariri International Airport in Beirut to review the security arrangements and measures implemented by the Airport Security Apparatus ahead of the holiday season.
Thursday, December 19, 2024
Opinion
Lebanon After the Assads
The United States has important equities in Lebanon, including a desire for a generally friendly government’s economic and political stability; security cooperation; long-standing relations with the large Christian community in Lebanon and Lebanese diaspora in the United States; and ultimately peace between Israel and Lebanon within a broader regional settlement. Achieving these objectives will require navigating a tumultuous period in the country’s history following a war between Hezbollah and Israel that has devastated a large part of the country, exacerbating Lebanon’s already challenging economic conditions. But perhaps the most important dynamic will be how a likely Sunni-dominated state of uncertain composition in Syria will differ in its intentions toward Lebanon from the previous Alawite-led minoritarian Assad regime.
Thursday, December 19, 2024
Europe’s Syrian Dilemma
The news of the sudden and unexpected demise of Bashar al-Assad’s regime in Syria has met a mixed response in Europe. The jubilation that a murderous dictator and close ally of Russia and Iran has fallen is not just good for the Syrian people but serves as a morale booster for Eastern Europeans wondering whether Russia can be defeated
Wednesday, December 18, 2024
Sports
Cristiano Ronaldo Unveils New Private Jet Worth $73 Million
Cristiano Ronaldo, one of the richest global athletes, has unveiled his upgraded private jet reportedly worth $73 million. With its top-notch design, exceptional speed and range of 7500 nautical miles, the Gulfstream G650 is among the fastest jets in the world.
Monday, December 16, 2024
Guardiola Accepts Man City May Need to Sign More Players to Cope with Schedule
Manchester City manager Pep Guardiola believes he will need a bigger squad to handle soccer’s ever-expanding fixture schedule.
Saturday, December 14, 2024
Thursday 3 August 2023 12:35:38
Turkey Inflation in July Surges to 9.49 Percent After Tax Hikes, Lira Dip
In a Reuters poll, the median estimate was for inflation to climb to 9.1 percent after a plunge in the currency after the re-election of President Recep Tayyip Erdogan in May.
Prices had risen 3.92 percent in June.
Annual CPI inflation rose to 47.83 percent, according to the Turkish Statistical Institute, after declining for eight months to a level of 38.21 percent in June. The poll forecast a rise to 47.3 percent.
Sector-wise, annual inflation was driven by the hotels, cafes and restaurants sector, where prices surged 82.6 percent. Health sector prices climbed nearly 76 percent and the heavily-weighted food and non-alcoholic drinks sector showed a 60.7 percent rise.
The inflation jump was expected after Ankara hiked several tax rates, including value-added tax (VAT), corporate tax and the special consumption tax (OTV) on fuel. The lira’s cumulative decline, at 30 percent so far this year, also pushed prices higher.
The lira weakened slightly to 26.9870 against the dollar after the data, just off a record low of 27.05.
