Turkish inflation hits highest rate in eight years: HumSub.TV

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Turkish inflation hits highest rate in eight years: HumSub.TV

Turkish inflation hits highest rate in eight years: HumSub.TV: Turkey’s inflation in March hit its highest annual rate in over eight years, reaching over 11 per cent, according to official data on Monday.

Consumer prices rose 11.3 per cent in March from the same period in 2016, the highest annual rate recorded since October 2008, the state statistics agency said. Monthly inflation meanwhile was 1.0 per cent in March from February, it added, with food, transport and alcohol prices showing strong rises.

The rise was sharper than expected, after a tentative recovery in the value of the Turkish lira following heavy losses earlier this year.

Economists said that the figures indicated that inflation was still worryingly stuck in double-digit territory and made a mockery of the central bank’s nominal inflation target of five per cent.

Ozgur Altug, chief economist at Istanbul-based BGC Partners, warned there was a ‘high’ risk of seeing 12 per cent annual inflation in the next two months and would “remain at double-digit level throughout 2017” but fall to 8.6 per cent in December.

William Jackson and Liam Carson of London-based Capital Economics predicted the data would not prompt an interest rate hike by the central bank, partly due to government unwillingness to risk subduing growth.

“The recent rise in the lira, last month’s rate hike, and renewed pressure from the government to reverse the tightening cycle make this unlikely.”

One of President Recep Tayyip Erdogan’s advisors Bulent Gedikli suggested on Twitter there would be better figures later in the year as the government seeks to allay fears over the economy before the April 16 referendum.

“It is possible to say the inflation data is due to the exchange rate effect and it is temporary, that we will see the reflections of measures taken after the second quarter,” Gedekli said.

Meanwhile, Economy Minister Nihat Zeybekci insisted inflation would decline after May, in an interview with CNN Turk broadcaster.

In less than two weeks, Turks will decide whether to boost Erdogan’s powers under a new system that would see the role of the premier axed and replaced with one or more vice presidents.

The economy – which has shown significant signs of weakness for the first time under Erdogan’s rule – is set to be a key issue in the poll but the government was gladdened by stronger than expected 2016 growth of 2.9 per cent.

About HumSub TV
Introduction
HumSub TV is Pakistan’s leading forwarding-thinking, edutainment channel, aimed at promoting and upholding peace, interfaith harmony and social responsibility within Pakistan through informative and insightful programmes and documentaries; analytical interviews on issues pertaining to social, economic, legal and environmental set-up; dedicated shows to canvass and thereby promote the culture and heritage of Pakistan and in-depth coverage of national and international news.

HumSub TV is the first channel and thus a pioneer within its own right that mainly focuses on emphasising the “Rights” as well as the “Obligations” of the citizens in light of the Constitution of Pakistan, numerous International declarations signed by the Government and various laws that have been promulgated over the years but are not in the knowledge of the common citizen.
HumSub TV also aims to enter into bilateral agreements with other countries to promote not only their culture, heritage and tourism, but also their educational and medical facilities.
Following the successful launch of HumSub TV’s head office in Blue Area, Islamabad; the bureau office has been set up in Lahore.

Vision
To project positive image building of Pakistan and inculcate nationalism, as per the vision of the founder of the nation, Quaid-e-Azam Mohammad Ali Jinnah.

Mission
HumSub TV is resolute about the promotion of a pluralistic, inclusive and egalitarian society in Pakistan where all citizens are allowed to contribute to promote interfaith harmony, peace and collective wisdom in the social, political and economic development of Pakistan and to encourage critical and lateral thinking in the society. HumSub TV strives to make a positive contribution to this end.

HumSub TV’s Theme
HumSub TV, Pakistan’s first EDUTAINMENT Channel, has been set up for not only those audience residing in Pakistan or overseas but the international community on the whole. The vision of the channel is to project positive image building of Pakistan and inculcate nationalism as per the vision of the founder of the nation.

HumSub TV strives to make a positive contribution to this end by promoting pluralism, inclusiveness and egality in Pakistan and give voice to the suppressed. It endeavors to act as a positive catalyst for social change and Pakistani nationalism. It envisions providing a platform for airing critical and lateral thinking and collective wisdom by inviting positive minded intellectuals and opinion forming individuals for the promotion of interfaith harmony and peace in the social, political and economic development of Pakistan.

Whereas the channel airs upbeat edutainment programmes, it, nonetheless, has the primary objective of countering negative anti-Pakistan regional and international propaganda as well as advancing fundamental rights as encapsulated in the Constitution of Pakistan.

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