Unbelievable Inflation Rate! Countries In Struggle

South Korea’s inflation reaches a 24-year record, as the country struggles with increasing energy and food prices.
Turkey records its highest inflation in 24 years, which is currently near 80%.

Turkey’s official inflation rate increased to almost 80% in the last month which is the highest in 24 years. President Recep Tayyip Erdogan’s unconventional economic policies continued to drive up the cost of living. According to the Turkish statistics agency, the growth in annual prices rose from 73.5% in May to 78.6% in June. However, opposition parties and economists said recent hikes in oil and gas prices meant the real rate of inflation was almost double the official figure. The Istanbul chamber of commerce said inflation in Turkey‘s largest city had reached an annual rate of 94%.

South Korea’s inflation rate has reached a nearly 24-year high in June as the country is struggling to cope with soaring energy and food prices, official data showed on Tuesday. Statistics of Korea said that the consumer price index rose 6% on the year last month, the highest level since November 1998 during the Asian financial crisis. The CPI rose in almost every sector, with petroleum products jumping 39.6% and restaurants climbing 8%. The latest price data comes as South Korean workers demand companies raise their wages to catch up with inflation. Hyundai Motor autoworkers are threatening to go on strike, after failing to narrow the gap with management in arbitration talks which was arranged by the government on 4th July, Monday.

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