Türkiye Today

Türkiye’s inflation hits a 24-year high of 78 percent, independent researchers argue it is higher, the Minister says the increase is a result of global commodity prices, Foreign Minister reiterates Erdoğan’s warning to Nordic countries in their NATO bid, Russian-flagged vessel carrying grain in Türkiye’s Black Sea port…

Here is what you need to know about Türkiye Today:

1- Türkiye’s inflation hits a 24-year high of almost 80 percent, official numbers indicate. 

According to the official numbers, the Consumer Price Index increased 78,62 percent annually in June. 

However, there is a growing dispute over the veracity of the official data as some economists and critics argue that recent hikes in oil and gas prices meant the real rate of inflation was almost double the official figure.

A monthly report released by ENAG, a group of independent economists that calculate inflation rates with daily price data, indicated that consumer prices had risen by 175 percent in June compared with a year earlier. 

The Istanbul chamber of commerce said inflation in İstanbul had reached an annual rate of 94 percent. 

The September 1998 calculations of the consumer price index showed an almost 80 percent rise. It is the highest inflation rate since that date. 

Responding to the criticisms, the Minister of Treasury and Finance said that the increase in global commodity prices especially in energy and agriculture “resulted in a 4,95 percent inflation rise in June, despite all the measures taken to increase the stability in financial markets”.

“In order to limit the deterioration under the disguise of inflation and to reflect the negative effects of inflation on our citizens at a minimum level, many measures have been taken such as VAT reductions, subsidies and foreign trade measures”, he said adding that the government “have taken measures to support the purchasing power of the workers”.

“In the following period we aim to reduce the price increases by implementing structural policies that will increase competition and efficiency in goods and services markets, as well as with strong coordination of monetary and fiscal policies,” he added. 

2 – Foreign Minister Mevlüt Çavuşoğlu reiterated President Erdoğan’s warning to Sweden and Finland, saying that Ankara may hold its veto unless the Nordic countries comply with the memorandum in an exclusive TV interview. 

Stating that the Türkiye’s Parliament has to ratify the membership application, Çavuşoğlu said “if they do not comply, Ankara will not accept them into NATO”. 

The memorandum “will not be limited to just three countries. This is a written commitment. We wanted them to be written and signed,” he added. 

“In the document we gave them, we document that the YPG and the PKK are connected with each other in the light of the evidence. In the same way, we present documents and evidence regarding the terrorists they will extradite, those who were involved in terrorism, who supported terrorism, and whose crimes have been proven.”

3- US Senator Lindsey Graham said “he will do everything in his power to close a sale of F-16 fighter Jets to Ankara”

Returning from a two-day Türkiye trip, Graham posted on his Twitter account that he had a productive trip to the country. “While we have had a problematic relationship at times, it is imperative Turkey and the US take steps to strengthen the ties between our two nations,” Graham wrote on Twitter.

“I will do all in my power to support the Biden Administration’s decision to sell F-16s to the Turkish Air Force,” Graham added in the thread. 

President Biden hinted at his support for the F-16 sale to Türkiye in a statement after the meeting with President Erdoğan at NATO Summit in Madrid where Türkiye has lifted its veto on Finland and Sweden’s NATO bid. 

4- Ukraine says Türkiye has halted a Russian vessel carrying grain as Turkish officials told Bloomberg that Ankara investigates the origin and trajectory of the shipment of the grains which Ukraine’s ambassador alleged came from Russian-occupied Berdyansk. 

Ukraine’s ambassador to Ankara Vasyl Bodnar said that Ukraine had urged Turkey “to take necessary actions” about a ship sailing in Turkish waters arguing that it left Berdyansk and carries some 7,000 tons of grain on board. Later he stated that the Russia-flagged ship prevented from entering the port. 

Turkey has begun an investigation into the origin of grain aboard a Russian ship anchored off Turkey’s Black Sea port Karasu, a Turkish official told Bloomberg.

Russian Foreign Minister Sergei Lavrov confirmed on Monday the vessel was Russian but said Moscow was still working to clarify what had happened.