Turkey has the world’s 14th highest inflation rate

* Photo: Anadolu Agency (AA)

Click to read the article in Turkish

The International Monetary Fund (IMF) has released its April 2021 report. The IMF report has shown that Turkey has the 14th highest inflation rate across the world with 13.6 percent. This rate is also 6.5 times higher than the European average, which stands at 2.1 percent.

According to the IMF report, when the world's medium and large economies are considered, the top three countries in terms of inflation rates are Japan, Switzerland and Panama. In April, the inflation rate in these countries was only 0.1 percent. These countries are followed by Greece (0.2 percent), Singapore (0.2 percent) Israel (0.3 percent), Palestine (Gaza and West Bank - 0.3 percent), Montenegro (0.4 percent) and Niger (0.4 percent).

As reported by Kerem Congar from Euronews Turkey, When the European Union (EU) countries are considered, the top countries here are Cyprus (0.4 percent), Croatia (0.7 percent), Italy (0.8 percent) and Luxembourg and Portugal (0.9 percent). When the large economies of Europe are concerned, Germany's inflation rate in April was 2.2 percent, while this rate was 1.5 percent in the UK, 1.1 percent in France, 1 percent in Spain, 1.7 percent in Belgium and 1.4 percent in the Netherlands.

Venezuela ranks the worst

When the world is taken as a whole, Turkey ranks 14th with its 13.6 percent inflation rate. As for the worst countries in terms of their inflation rates, these are Venezuela (5,500 percent), Sudan (197 percent), Surinam (52.1 percent), South Sudan (40 percent), Iran (39 percent) and Yemen (30.6 percent), which has long been ravaged by war.

Turkey's inflation rate is better than only Angola, Haiti, Libya, Zambia, Nigeria and Sierra Leona, in addition to the above countries. Ethiopia, Democratic Republic of Congo, Liberia, Uzbekistan and Iraq are slightly better than Turkey in terms of their consumer inflation rates.

When Turkey's political and geographical vicinity is considered, it is seen that the inflation rate is 1.2 percent in Bosnia Herzegovina, 1 percent in Bulgaria, 7.9 percent in Ukraine and 3.5 percent in Azerbaijan.

As for the two largest economies in the world, the April 2021 inflation rate was 2.3 percent in the US and 1.2 percent in China. (HA/SD)