Ankara, May 5: Turkey’s annual inflation jumped to 69.97 per cent in April, reaching a two-decade high, the Turkish Statistical Institute announced Thursday. The country’s consumer prices rose 7.25 per cent month on month in April, according to data released by the institute.
The highest annual price surge was in the transportation sector with 105.86 per cent. The cost of food and non-alcoholic drinks increased 89.1 per cent, while furnishings and household equipment prices were up 77.64 per cent. Turkey Reports Annual Inflation of 69.9% in April 2022.
The domestic producer price index climbed 7.67 per cent month on month, with an annual rise of 121.82 per cent. Turkey is undergoing financial woes unseen in decades, with the Turkish lira losing half its value last year due to the COVID-19 pandemic. The Russia-Ukraine conflict also worsened the situation, pushing energy prices to new highs.
Economists predicted that Turkey is likely to live with high inflation throughout 2022. On Wednesday, the U.S. Federal Reserve raised its benchmark interest rate by a half percentage point, marking the sharpest rate hike since 2000. Experts say the rate hike could further exacerbate Turkey’s economic turmoil.
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