Turkey’s central bank governor has argued that recent rate cuts will help to stabilise the plummeting currency and soaring inflation by erasing the country’s chronic current account deficit. Sahap Kavcioglu, who took the bank’s helm in March after President Recep Tayyip Erdogan fired his predecessor, dismissed concerns about the weakening lira — even as he predicted that inflation would be close to four times its official 5% target this year. Turkey, he said, needed to "seize the opportunity" to expand production and exports.
Pass the indigestion
The cost of food commodities that make up a typical breakfast has soared to its highest point in a decade under the strain of bad weather and supply chain crunches, providing another in a long list of upward pressures on global inflation.
The Financial Times breakfast indicator, based on futures prices for coffee, milk, sugar, wheat, oats and orange juice, has shot up 63% since 2019.
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