US professor says inflation in Turkey will remain high in 2023

Columbia University economics professor Jeffrey Sachs predicted that inflation in Turkey would remain high throughout 2023.

According to the Turkish Statistical Institute (TURKSTAT), inflation increased by 2.88 percent per month in November. Annual inflation was 84.39 percent. Thus, with the base effect, the return from the peak of 24 years was experienced. TURKSTAT announced the October inflation rate as 85.51 percent annually. Although the increase in prices continues, the government expects a decrease in inflation by relying on this base effect.

Jeffrey Sachs, an economy professor from Columbia University spoke to the media and said inflation in Turkey would remain high in 2023 as well, due to the ongoing war, the upcoming election, non-traditional macroeconomic policy, tough conditions arising from relations with international credit rating agencies and global investors.