ECONOMY - Bianet

ECONOMY

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Turkey's official inflation rate jumps to 47.8% in July

Turkey's official inflation rate jumps to 47.8% in July

According to ENAG's calculations, the inflation rate was over 122.8%. The food inflation rate is over 60 percent.

Turkey suspends olive oil exports amid soaring domestic prices

Turkey suspends olive oil exports amid soaring domestic prices

Olive oil production has decreased 20 percent worldwide due to drought while increasing by over 60 percent in Turkey.

Increase in expenses of state institutions outpaces inflation rate in Turkey

Increase in expenses of state institutions outpaces inflation rate in Turkey

The expenditures of ministries and other state institutions more than doubled in the first half of the year compared to the same period in 2022, shows an official report.

Turkey to tax Airbnb rentals, possibly ending subletting for tenants

Turkey to tax Airbnb rentals, possibly ending subletting for tenants

Airbnb has not only become a popular platform for tourists, but it has also provided a means for tenants in larger cities to supplement their income by subletting their rooms or entire homes.

İstanbul sees highest monthly surge in retail prices since April 2022

İstanbul sees highest monthly surge in retail prices since April 2022

The price increase was nearly 10 percent in July, with the city's annual inflation rate exceeding 63 percent, according to the İstanbul Chamber of Commerce.

Less than 15% workers in Turkey unionized, ministry reveals

Less than 15% workers in Turkey unionized, ministry reveals

The unionization rate has slightly increased since the start of the year, according to official data.

Starvation line exceeds minimum wage despite substantial increase

Starvation line exceeds minimum wage despite substantial increase

At the start of July, the minimum wage was increased from 8,500 to 11,400 lira. The starvation line has now exceeded the minimum wage.

Two workers are killed on the job working in extreme heat

Two workers are killed on the job working in extreme heat

The extreme heat is increasing the risk of a sudden heart attack due to dehydration for people with chronic illnesses such as high blood pressure, renal disorders, or diabetes.

Erdoğan replaces Central Bank deputy governors

Erdoğan replaces Central Bank deputy governors

Economists welcomed the new appointments, saying that they were in line with the shift in economic policies following the elections.

Union protests tax hikes, price increases in 20 provinces

Union protests tax hikes, price increases in 20 provinces

The DİSK demands a more fair tax system where those with higher income pay higher taxes.

Syrian child worker dies squeezed between freight lift and wall

Syrian child worker dies squeezed between freight lift and wall

13-year-old Syrian-origin child worker A.A. lost his life working in a furniture cutting shop in Ankara.

Turkey's Central Bank raises year-end inflation forecast from 22% to 58%

Turkey's Central Bank raises year-end inflation forecast from 22% to 58%

The inflation rate for food prices is projected to reach 61 at the end of the year, according to the governor of the bank.

'Occupational safety training started only after the deadly explosion'

'Occupational safety training started only after the deadly explosion'

Workers injured but saved in the mine explosion in Amasra in 2022 that killed 43 told the court that there was a problem in the ventilation system and that they were subjected to excessive heat in the period leading to the accident.

Turkey leads in struggling to make ends meet among OECD countries

Turkey leads in struggling to make ends meet among OECD countries

Nearly half of the families in the country fear that they may not be able to cover their fundamental needs amid high costs of living, shows a new report by the organization.

Turkey's leading internet service provider raises prices by 70%

Turkey's leading internet service provider raises prices by 70%

Türk Telekom is the sole internet service provider with its own infrastructure, making market prices dependent on its decisions. Turkey ranks 110th in fixed broadband speed and 66th in mobile internet speed worldwide.

24 July 2023 Zeynep Akat

Sputnik employees will go on strike

Sputnik employees will go on strike

The Journalists Union of Turkey has decided to go on strike at Sputnik in the following days if they are not able to reach an agreement with the employer of the agency.

24 July 2023 Hikmet Adal

Drug prices soar by 30.5% in Turkey after presidential decree

Drug prices soar by 30.5% in Turkey after presidential decree

The adjustment of the Euro exchange rate used as a benchmark for medicinal products has caused the price hike.

DEDAŞ workers walk out in six cities

DEDAŞ workers walk out in six cities

The workers of the electricity distribution company in southeast Turkey declare that they will continue the walkout if their demands are not met.

Was the last interest rise 'rational'?

Was the last interest rise 'rational'?

The rise in interest rates did not meet expectations, according to Prof. Dr. Hayri Kozanoğlu. Warning that inflation will jump, Kozanoğlu says that the policy the economy administration follows is intended to prevent a balance of payments crisis and to strengthen the reserves of the Central Bank.

21 July 2023 Hikmet Adal,Vecih Cuzdan

Price stability fund fee will be deducted from olive oil exports

Price stability fund fee will be deducted from olive oil exports

With the drought in Spain and Italy and continuing heatwaves in Europe, Turkey is expected to rise to second place in olive oil exports. However, the exporters face the obstacle of a fund fee deduction from the export revenues.

21 July 2023 Zeynep Akat

Cost of dining out in İstanbul nearly doubles in a year

Cost of dining out in İstanbul nearly doubles in a year

While the patronage in high-end venues has remained unaffected, businesses catering to lower-income groups have experienced a decline, according to a İstanbul Chamber of Commerce report.

Turkey raises policy rate by 250 basis points to 17.5%

Turkey raises policy rate by 250 basis points to 17.5%

The monetary tightening process will continue, the Central Bank has said.

Explosion at Ankara ammunition factory injures four workers

Explosion at Ankara ammunition factory injures four workers

The factory relies heavily on manual production, which increases the risk of explosions when handling sensitive materials, a union official has said.

18 July 2023 Vecih Cuzdan

Highest-ever increase on fuel taxes sparks outrage in Turkey

Highest-ever increase on fuel taxes sparks outrage in Turkey

The recent surge in fuel taxes is anticipated to exacerbate the already high inflationary pressures.

Turkey maintains rent increase cap, housing sales decline amid exorbitant prices

Turkey maintains rent increase cap, housing sales decline amid exorbitant prices

Despite the cap, the rents doubled in the country on average. Eviction cases also soared, with property owners seeking new tenants to avoid the cap.

Water truck driver injured in forest fire loses his life in hospital

Water truck driver injured in forest fire loses his life in hospital

Mustafa Gürpınar was working for the Gaziemir Department of Forestry in İzmir.

Motorcycle couriers protest online delivery giant Getir over low wages

Motorcycle couriers protest online delivery giant Getir over low wages

Workers formed a convoy and arrived at the company's İstanbul headquarters to demand higher wage increases and a range of other requests.

Turkey raises VAT rates following significant salary increases

Turkey raises VAT rates following significant salary increases

This tax increase follows substantial raises in the minimum wage and the salary adjustments for public servants. A union confederation has protested the government's moves in Ankara, asserting that it "gave with one hand and took with the other."

Are the new tax increases lawful without enacting a supplementary budget?

Are the new tax increases lawful without enacting a supplementary budget?

bianet talked to Prof. Aziz Konukman about the new VAT increases: What do the new VAT rates mean? Will it be a burden only on labor? Is it lawful to make such a VAT regulation?

Turkey's statistical authority under fire as inflation at lowest level in 18 months

Turkey's statistical authority under fire as inflation at lowest level in 18 months

While the official inflation rate has dropped to 38.21 percent, the food inflation for the poorest segment of the public was measured at over 84 percent by a labor union confederation.

Cost of living in İstanbul rises 64 percent in a year

Cost of living in İstanbul rises 64 percent in a year

The highest rise in June was in the price of meat, compared to last December. The price of meat and minced meat has risen 68.64 percent in the last six months.

Turkey's inflation rate over 108 percent, says ENAG

Turkey's inflation rate over 108 percent, says ENAG

While the ENAG has released its calculations, the announcement of the official inflation figures, which will affect the pay rises for civil servants and retirees, has been delayed.

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