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Turkey’s inflation rate soars to almost 70%

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A woman displays her electricity bill during a protest against high energy prices in Ankara

Consumer prices in Turkey soared nearly 70% in April from a year ago, hitting a two-decade high, official figures show.

Transport, food prices and household furnishings recorded the sharpest rise in annual inflation, with transport costs more than doubling over the year.

Countries around the world are dealing with a growing cost of living crisis.

But Turkey’s problems have been made worse by its president’s reluctance to raise interest rates – a commonly used tool to help cool inflation.

The cost of food and non-alcoholic drinks saw an annual increase of 89.1%, while furnishings and household equipment were up 77.64%.

On a monthly basis, prices jumped 7.25% in April, according to data from the Turkish Statistical Institute.

Turkey has seen a collapse in the value of the lira, as President Recep Tayyip Erdogan prioritises exports over currency stability.

Erdogan has described interest rates as “the mother and father of all evil,” and has used more unorthodox policy to try to dampen prices including intervening in foreign exchange markets.

Facing pressure from the Turkish president, the country’s central banks has slashed rates to 14% from 19% since September.

In April it kept rates steady for the fourth month in a row, despite soaring inflation. (BBC)



Tuesday, May 10, 2022 – 01:00

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