Inflation hits double figure in TRNC

The annual inflation rate in the Turkish Republic of North Cyprus reached a double digit in 2017, 133% higher than the targeted inflation rate in the mid-term programme for the period 2017-2019.

According to report by Turkish Cypriot daily ‘Kibris,’the increasing trend, which began in 2016, continued in 2017 when inflation rate reached 14.68%, instead of an average inflation of 6.3%, which is the target set in the economic programme.

The fact that the inflation rate has risen to double digit figures for the past 13 months causes concerns for 2018, writes the paper citing data by the State Planning Organisation. 

According to these, 2017’s inflation rate is the highest in the past six years and the second highest in the past ten years. The lowest inflation rate for the period 2008-2017 was seen in 2010 (3.27%) and the highest in 2011 (14.72%).

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Source: Kibris