• TURKEY INFLATION DATA SHOW ANNUAL 70% INCREASE IN CPI, BITCOIN FIXES THIS

  • Turkey released figures from the Turkish Statistical Institute that showed annual CPI inflation of 70%.

    Transportation expenditures experienced the greatest annual increase, with a 105 percent increase.
    The CPI increased by 7.25 percent month over month, according to the report.

    Turkey released inflation data assessed by the Turkish Statistical Institute, revealing that inflation is at a two-decade high, with the consumer-price-index (CPI) growing over 70%, an issue that bitcoin can solve.

    Transportation, which includes fuel prices, increased by 105.86 percent year on year. Meanwhile, food and nonalcoholic beverages increased by 89.10 percent, while furnishings and domestic equipment increased by 77.64 percent year on year. These were among the highest reported vectors, but even the lowest figures are mind-boggling.

    Citizens in Turkey reported annual increases of 35% in healthcare, 27% in education, 26% in apparel and footwear, and 18.71% in communication. These were among the primary categories of goods and services with the lowest levels of inflation.

    The lira’s month-over-month inflation rate increased by 7.25 percent. Turkey’s currency has been in freefall for some time as President Recep Erdogan refuses to raise interest rates, a typical measure used by central banks to alleviate the burden of inflation.

    Raising interest rates, according to Erdogan, is “the mother and father of all evil.”

    This issue of inaccurate inflation data was raised by Michael Saylor, the pro-bitcoin CEO of MicroStrategy, who stated:

    “Inflation is a vector. A scalar index can be biased by choosing certain items. Your index assumes human beings don’t need food, energy, or home ownership, nor desire assets such as property, equity, bonds, or commodities.”

    Bitcoin aims to rebuild economies by decoupling economic controls from centralized bodies that artificially raise the money supply to benefit their own regimes via a permissionless, peer-to-peer technology that prohibits malevolent practices routinely seen on the global arena.

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