{{ subpage.title }}

50: The annual inflation rate in Turkey fell below 50% for the first time in a year this week, with prices rising by a mere 49% since last September. The data suggest President Recep Tayyip Erdogan’s policy of austerity and high interest rates – currently at 50% – is working to tamp down runaway price growth. This is a big U-turn for Erdogan, who before his re-election last year took the deeply unorthodox view that low interest rates were the way to tackle inflation.