AgenciesAnnual inflation in Turkey soared to nearly 80% in July, official data showed Wednesday, with skyrocketing food, housing and energy prices hitting consumers hard.The Turkish Statistical Institute said consumer prices rose by 79.6% from a year earlier, up about 1 percentage point from June data.Independent experts say inflation is much higher than official statistics. Economists also say the huge rise in inflation is caused by President Recep Tayyip Erdogan’s unorthodox belief that high borrowing costs lead to inflation despite established economic theory.Turkey’s central bank slashed interest rates by 5 percentage points since September to 14%, sinking the national currency. While the bank has not made further cuts this year, central banks across the world are moving the opposite way, raising interest rates to combat global inflation.
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