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 – transport costs jumped by 105% 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 Tayyip Erdogan prioritises exports over currency stability.
Mr 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.
The Turkish president overhauled the country’s central bank’s leadership last year and the bank has slashed rates to 14% from 19% since September.
Prices are rising quickly around the world, due to factors including Covid-related supply shortages and the war in Ukraine, which has driven energy and food prices higher.
Many countries have responded by raising interest rates to encourage people and companies to borrow and spend less, with the aim of limiting inflation.
On Wednesday the US central bank announced its biggest interest rate increase in more than two decades.
Countries including India and Australia have also hiked rates. The Bank of England will announce on Thursday whether it will raise the interest rate or keep it on hold.
Source: BBC
