Turkish Inflation Jumps to Nearly 59%, More Than Expected 

A teller uses a machine to count Turkish lira banknotes at a foreign exchange office in Ankara on July 20, 2023. (AFP)
A teller uses a machine to count Turkish lira banknotes at a foreign exchange office in Ankara on July 20, 2023. (AFP)
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Turkish Inflation Jumps to Nearly 59%, More Than Expected 

A teller uses a machine to count Turkish lira banknotes at a foreign exchange office in Ankara on July 20, 2023. (AFP)
A teller uses a machine to count Turkish lira banknotes at a foreign exchange office in Ankara on July 20, 2023. (AFP)

Türkiye’s annual inflation rate surged to a higher-than-expected 58.94% in August, official data showed on Monday, rising for a second month after a steep fall in the lira currency and recent tax increases.

Month-on-month, consumer price inflation was 9.09%, easing slightly from 9.49% a month earlier. Price rises in transportation drove the monthly measure higher, while price increases for hotels, cafes and restaurants drove the annual measure.

Finance Minister Mehmet Simsek - who has spear-headed a summer policy U-turn meant to rein in prices - said the fight against inflation would take time and patience was needed in the transition period.

"We will do whatever is necessary (monetary tightening, credit policy and income policies) to bring inflation under control and then lower it," he said on the social media site X, formerly known as Twitter.

"We are absolutely determined to fight inflation."

In a Reuters poll, annual inflation was predicted to be 55.9% with monthly inflation seen at 7.0%. In July, the annual figure was 47.83%.

President Recep Tayyip Erdogan's aggressive policy of interest rate cuts set off a currency crisis in late 2021, and sent inflation soaring to a 24-year peak of 85.51% last October.

Since an election runoff in late May this year, the lira has shed 25% of its value as authorities loosened their grip on the exchange rate as part of Erdogan's U-turn toward more orthodox economic policies, including rate rises.

The currency slipped slightly after the price data to 26.78 versus the dollar by 0724 GMT.

The domestic producer price index was up 5.89% month-on-month in August for an annual rise of 49.41%, according to the data from the Turkish Statistical Institute.



Port of NEOM Strengthens Role in Global Supply Chain Connectivity

By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030 - SPA
By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030 - SPA
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Port of NEOM Strengthens Role in Global Supply Chain Connectivity

By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030 - SPA
By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030 - SPA

Port of NEOM has marked a major milestone with the arrival of the first fully automated, remote-controlled Ship-To-Shore (STS) and Electric Rubber-Tyred Gantry (eRTG) cranes in the Kingdom, advancing its goal to become a global hub for smart, sustainable trade, SPA reported.

Strategically located on the Red Sea, Port of NEOM is already serving as a critical gateway on the East-West trade route. The newly arrived state-of-the-art cranes will play a critical role in the port’s automation strategy, unlocking the potential for high-volume, high-efficiency operations.

Development of Port of NEOM continues at a pace ahead of the 2026 opening of Terminal 1, a next-generation container terminal, with recent infrastructure milestones including the completion of a 900-meter quay wall and the deepening of the port channel to 18.5 meters—enabling the world’s largest vessels transiting the Suez Canal to call at Port of NEOM.

Terminal 1 will also feature horizontal transport automation as part of its broader goal to achieve full automation. Once operational, these technologies will significantly expand the port’s logistics capacity, driving regional industrial growth, opening access to global markets, enhancing supply chain resilience, and unlocking business opportunities.

Port of NEOM Managing Director Sean Kelly said: “The arrival of our first automated cranes marks a tangible milestone as we lay the foundations for an advanced, future-ready port. We are not only accelerating industrial growth in northwest Saudi Arabia, but we are also setting a new benchmark for performance, efficiency, innovation and establishing a vital trade gateway for the Kingdom and the region beyond.”

In parallel with its investments in infrastructure and automation, Port of NEOM is also committed to developing local talent, including training Saudi women to take on high-tech roles. Central to this effort is a pioneering initiative to train the next generation of production specialists in remote crane operation skills, thereby helping to shape a more inclusive future for the logistics and industrial sectors.

By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030.