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Staggering inflation fuels poverty in Türkiye despite government measures

STORY: Staggering inflation fuels poverty in Türkiye despite government measures SHOOTING TIME: Nov. 3, 2023 DATELINE: Nov. 4, 2023 LENGTH: 00:02:15 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of street views in Türkiye 2. SOUNDBITE 1 (Turkish): HUSEYIN PENCE, Pensioner 3. SOUNDBITE 2 (Turkish): IREM EROGLU, Student STORYLINE: Stubborn inflation in Türkiye is fueling the impoverishment of households in the long run, and the worse is still to come in 2024 as consumer prices are set to peak, according to the latest official forecasts. In October, consumer prices increased by 61.3 percent compared to the same period of the previous year, the Turkish Statistical Institute announced on Friday. SOUNDBITE 1 (Turkish): HUSEYIN PENCE, Pensioner "The price of everything has skyrocketed. One cup of tea costs now 10 liras (about 0.35 U.S. dollars), and one simit costs 10 liras and so on. Everyone is complaining about this situation. Purchasing power has been decimated. The price of gasoline has significa

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Türkiye hikes inflation forecasts amid higher food prices, weaker currency

STORY: Türkiye hikes inflation forecasts amid higher food prices, weaker currency SHOOTING TIME: Nov. 2, 2023 DATELINE: Nov. 3, 2023 LENGTH: 00:01:33 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of people shopping in a supermarket 2. various of the press conference of Turkish Central Bank Governor Hafize Gaye Erkan 3. various of people shopping at a fresh vegetable bazaar STORYLINE: Türkiye's central bank on Thursday raised its inflation forecasts for 2023 and 2024, citing higher food and energy prices and a weaker currency. The bank now expects inflation to reach 65 percent by the end of 2023, up from 58 percent in its previous projection. It also increased its forecast for 2024 to 36 percent from 33 percent. Turkish Central Bank Governor Hafize Gaye Erkan said inflation will peak in May 2024 and then start to decline during a press conference, where she presented the bank's last quarterly inflation report of the year. Erkan said the upward revision was mainly due to higher import p

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Türkiye revises medium-term inflation, growth forecasts

STORY: Türkiye revises medium-term inflation, growth forecasts DATELINE: Sept. 7, 2023 LENGTH: 0:01:08 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of the press conference (courtesy of ihlas news agency) 2. various of the speech of Turkish Vice President Cevdet Yilmaz at the press conference (courtesy of Justice and Development Party) 3. various of the press conference (courtesy of ihlas news agency) 4. SOUNDBITE (Turkish): RECEP TAYYIP ERDOGAN, Turkish President (courtesy of ihlas news agency) STORYLINE: The Turkish government on Wednesday lowered its economic growth forecasts while raising its expected inflation rate for the upcoming three years in its annual Medium-Term Program. The country's economy is projected to grow 4 percent in 2024, 4.5 percent in 2025, and 5 percent in 2026, said Turkish Vice President Cevdet Yilmaz at a press conference during which he unveiled the program. The previous program announced in 2022 had set growth targets of 5 percent in 2023 and 5.5 percent in

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BRITAIN-CENTRAL BANK-INTEREST RATE-RAISE

(230512) -- MANCHESTER, May 12, 2023 (Xinhua) -- Fruits are seen in a market in Manchester, Britain, May 11, 2023. The Bank of England (BoE) on Thursday raised its benchmark interest rate by 0.25 percentage points to 4.5 percent, the highest since 2008. Its growth projections for the United Kingdom's (UK) economy were improved and inflation forecasts revised higher. (Photo by Jon Super/Xinhua)

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BRITAIN-CENTRAL BANK-INTEREST RATE-RAISE

(230512) -- MANCHESTER, May 12, 2023 (Xinhua) -- A man walks past a shop in Manchester, Britain, May 11, 2023. The Bank of England (BoE) on Thursday raised its benchmark interest rate by 0.25 percentage points to 4.5 percent, the highest since 2008. Its growth projections for the United Kingdom's (UK) economy were improved and inflation forecasts revised higher. (Photo by Jon Super/Xinhua)

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BRITAIN-CENTRAL BANK-INTEREST RATE-RAISE

(230512) -- MANCHESTER, May 12, 2023 (Xinhua) -- Luggage cases are seen for sale in a market in Manchester, Britain, May 11, 2023. The Bank of England (BoE) on Thursday raised its benchmark interest rate by 0.25 percentage points to 4.5 percent, the highest since 2008. Its growth projections for the United Kingdom's (UK) economy were improved and inflation forecasts revised higher. (Photo by Jon Super/Xinhua)

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BRITAIN-CENTRAL BANK-INTEREST RATE-RAISE

(230512) -- MANCHESTER, May 12, 2023 (Xinhua) -- People walk past a shop in Manchester, Britain, May 11, 2023. The Bank of England (BoE) on Thursday raised its benchmark interest rate by 0.25 percentage points to 4.5 percent, the highest since 2008. Its growth projections for the United Kingdom's (UK) economy were improved and inflation forecasts revised higher. (Photo by Jon Super/Xinhua)

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BRITAIN-CENTRAL BANK-INTEREST RATE-RAISE

(230512) -- MANCHESTER, May 12, 2023 (Xinhua) -- A woman walks past a shop in Manchester, Britain, May 11, 2023. The Bank of England (BoE) on Thursday raised its benchmark interest rate by 0.25 percentage points to 4.5 percent, the highest since 2008. Its growth projections for the United Kingdom's (UK) economy were improved and inflation forecasts revised higher. (Photo by Jon Super/Xinhua)

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Russia's 2022 inflation rate at 11.9 pct: minister

STORY: Russia's 2022 inflation rate at 11.9 pct: minister DATELINE: Jan. 12, 2023 LENGTH: 00:01:37 LOCATION: Moscow CATEGORY: ECONOMY SHOTLIST: 1. various of streets and pedestrians in Moscow STORYLINE: Russia's annual inflation rate was 11.9 percent by the end of 2022, Economic Development Minister Maxim Reshetnikov said Wednesday. "At the end of the year, our inflation was below 12 percent, it was 11.9 percent to be exact," the Kremlin cited Reshetnikov as saying at a meeting with Russian President Vladimir Putin and government members. He also noted that according to forecasts, annual inflation would significantly decrease by the end of the first quarter in 2023, and would drop below 4 percent in the second quarter. Xinhua News Agency correspondents reporting from Moscow. (XHTV)

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BELGIUM-BRUSSELS-EU-ECONOMIC FORECAST

(220715) -- BRUSSELS, July 15, 2022 (Xinhua) -- Paolo Gentiloni, European commissioner for economy, speaks during a press conference on the "Summer 2022 Economic Forecast" in Brussels, Belgium, July 14, 2022. The European Commission cut its economic growth forecasts for the European Union (EU) and the eurozone for 2022 and 2023 and revised up its inflation estimates on Thursday. (Xinhua/Zheng Huansong)

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BELGIUM-BRUSSELS-EU-ECONOMIC FORECAST

(220715) -- BRUSSELS, July 15, 2022 (Xinhua) -- Paolo Gentiloni, European commissioner for economy, attends a press conference on the "Summer 2022 Economic Forecast" in Brussels, Belgium, July 14, 2022. The European Commission cut its economic growth forecasts for the European Union (EU) and the eurozone for 2022 and 2023 and revised up its inflation estimates on Thursday. (Xinhua/Zheng Huansong)

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BELGIUM-BRUSSELS-EU-ECONOMIC FORECAST

(220715) -- BRUSSELS, July 15, 2022 (Xinhua) -- Paolo Gentiloni (R), European commissioner for economy, speaks during a press conference on the "Summer 2022 Economic Forecast" in Brussels, Belgium, July 14, 2022. The European Commission cut its economic growth forecasts for the European Union (EU) and the eurozone for 2022 and 2023 and revised up its inflation estimates on Thursday. (Xinhua/Zheng Huansong)

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BELGIUM-BRUSSELS-EU-ECONOMIC FORECAST

(220715) -- BRUSSELS, July 15, 2022 (Xinhua) -- Paolo Gentiloni, European commissioner for economy, speaks during a press conference on the "Summer 2022 Economic Forecast" in Brussels, Belgium, July 14, 2022. The European Commission cut its economic growth forecasts for the European Union (EU) and the eurozone for 2022 and 2023 and revised up its inflation estimates on Thursday. (Xinhua/Zheng Huansong)

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BELGIUM-BRUSSELS-EU-ECONOMIC FORECAST

(220715) -- BRUSSELS, July 15, 2022 (Xinhua) -- Paolo Gentiloni, European commissioner for economy, speaks during a press conference on the "Summer 2022 Economic Forecast" in Brussels, Belgium, July 14, 2022. The European Commission cut its economic growth forecasts for the European Union (EU) and the eurozone for 2022 and 2023 and revised up its inflation estimates on Thursday. (Xinhua/Zheng Huansong)

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BELGIUM-BRUSSELS-EU-ECONOMIC FORECAST

(220715) -- BRUSSELS, July 15, 2022 (Xinhua) -- Paolo Gentiloni, European commissioner for economy, speaks during a press conference on the "Summer 2022 Economic Forecast" in Brussels, Belgium, July 14, 2022. The European Commission cut its economic growth forecasts for the European Union (EU) and the eurozone for 2022 and 2023 and revised up its inflation estimates on Thursday. (Xinhua/Zheng Huansong)

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Fitch slashes India's 2022-23 growth estimate to 8.5 pct

STORY: Fitch slashes India's 2022-23 growth estimate to 8.5 pct DATELINE: March 23, 2022 LENGTH: 0:01:46 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of the streets in New Delhi STORYLINE: Fitch Ratings on Tuesday slashed India's growth forecast for the next fiscal to 8.5 percent from an estimate of 10.3 percent last December. The global rating agency has revised the gross domestic product growth forecast upwards for the current fiscal by 0.6 percentage points to 8.7 percent. "However, we have lowered our growth forecast for FY 2022-2023 to 8.5 percent (-1.8 pp) on sharply higher energy prices," Fitch said while revising up its inflation forecasts. Fitch sees inflation in the country could peak up to 7 percent in the third quarter this year, well above the Reserve Bank of India's upper tolerance limit of 6 percent. In its Global Economic Outlook-March 2022, Fitch said the post-COVID-19 pandemic recovery is being hit by a potentially huge global supply shock that will reduce growth an

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BOJ delays timing of reaching 2% inflation goal

Bank of Japan Governor Haruhiko Kuroda holds a press conference at the BOJ's head office in Tokyo on April 30, 2015. In a report on growth and inflation forecasts released that day, the BOJ delayed the timing of achieving its 2 percent inflation target to "around the first half of fiscal 2016," the period starting in April 2016, from "the period centering on fiscal 2015" which started in April 2015. (Kyodo) ==Kyodo

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BOJ delays timing of reaching 2% inflation goal

Bank of Japan Governor Haruhiko Kuroda holds a press conference at the BOJ's head office in Tokyo on April 30, 2015. In a report on growth and inflation forecasts released that day, the BOJ delayed the timing of achieving its 2 percent inflation target to "around the first half of fiscal 2016," the period starting in April 2016, from "the period centering on fiscal 2015" which started in April 2015. (Kyodo) ==Kyodo