Economics

Red-hot U.S. inflation is showing few signs of cooling, putting the Federal Reserve on track to continue its aggressive interest rate increases to help cool high prices that are challenging Joe Biden's presidency.    

The foreign exchange-protected deposit scheme, which has been implemented to stop the rise in the dollar exchange rate and criticized for creating "risks on the budget," will continue, Treasury and Finance Minister Nureddin Nebati has said.

Consumer prices in Turkey increased by 2.98 percent in May, slowing from the 7.25 percent month-on-month increase recorded in April, according to data from the Turkish Statistical Institute (TÜİK) on June 3.

Retail prices in Istanbul increased by 5.84 percent in May from April, the Istanbul Chamber of Commerce (İTO) said yesterday.

On an annual basis, retail prices exhibited an increase of 87.35 percent.

The rate of increase in retail prices on a monthly basis in the country's largest city, however, eased. In April, retail prices in Istanbul soared 11.36 percent from March.

Authorities are working on a new regulation that would introduce a cap on rent increases, Justice Minister Bekir Bozdağ has said.

"The limit in rent hikes will be based on the inflation rate, and this will be a temporary measure," Bozdağ told reporters in the Central Anatolian province of Yozgat.

Inflation, measures and how the euro will be adopted - these were the topics that MPs from the Budget Committee in Parliament discussed with economists and experts.

Authorities will release crucial economic data this week, including growth for the first quarter and inflation for May.

On May 31, the Turkish Statistical Institute (TÜİK) will release the gross domestic product (GDP) figures for January-March.

Treasury and Finance Minister Nureddin Nebati has reiterated the government's commitment to bring inflation under control and take necessary steps.

Turkey's annual consumer price inflation increased from 61.1 percent in March to 69.97 percent in April, the Turkish Statistical Institute (TÜİK) has reported.

Consumer prices increased by 7.25 percent on a monthly basis in April, after increasing by 5.46 percent in March. The monthly inflation rates were 11.1 percent in January and 4.8 percent in February.

Retail prices in Istanbul increased by 11.4 percent in April from March, the Istanbul Chamber of Commerce (İTO) has said.
That came on top of the 6.29 percent rise in the retail prices in the country's largest city in April.

Food prices rose by 11.5 percent for an annual increase of 84.4 percent, while the increase in housing expenses was 10 percent, the İTO said.