Elif B. Dilden, Ph.D, Michael Stellern, Ph.D.
INFLATION AND MONETARY POLICY: AN APPLICATION FROM TURKEY
Turkey's consumer price inflation rate jumped to 36.08 percent year-on-year in December 2021 and up from 21.31 percent in the previous month and well above market expectations. Compared to the monthly December inflation rate of 7% in the United States and 5% in the Eurozone, Turkey’s inflation rate is enough to set alarms. So, how did the Turkish inflation rate increase so high?