Rising inflation rates in Turkey could prove costly for businesses as economies around the world prepare for pandemic restrictions to ease.
Inflation rates have continued to trend upward since February after reaching 15.6% annually, an increase of 0.91%.
The latest data out of Turkey shows that inflation is approaching 16.2%.
Consumer goods have seen inflation increases of 17.3% since mid-2019, particularly on clothing and processed foods. Global food shortages and supply chain challenges have likely contributed to the this increase.
Service costs have risen by 11.7%, following an increase in rent as well as catering and transportation pricing from vendors.
The Domestic Producer Price Index (D-PPI) has risen above 27% in a sharp upward trend since May 2020. Economists believe this is being caused by rising commodity prices as well as an increase in price from many consumer businesses.
Economists expect inflation rates in Turkey to peak in April, then level out as pandemic restrictions ease in multiple nations around the globe.
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