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Friday, August 12 2022

Turkey’s annual inflation hits record high

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Ankara: Turkey’s annual inflation hit a new record high at 61.14 per cent in March, featuring rising energy and food prices, the country’s Statistical Institute announced on Monday.

The country’s consumer prices rose by 5.46 per cent month on month in March, according to the data released by the institute.

The highest annual price increase was in transport with 99.12 per cent, followed by foods and non-alcoholic beverages with 70.33 per cent, and furnishings and household equipment with 69.26 per cent, respectively, reports Xinhua news agency.

Meanwhile, the domestic producer price index increased by 9.19 per cent on a monthly basis, with an annual rise of 114.97 per cent in March.

Turkey has been struggling with elevated inflation, which has put pressure on its population with rising living costs.

Economists predict that the country is likely to live with high inflation throughout 2022.

The war between Russia and Ukraine has also prompted inflation over increasing energy prices.

Turkish President Recep Tayyip Erdogan announced in December last year a record 50 per cent rise in the minimum wage to help offset surging living costs amid high inflation and a currency slump.

The government also reduced the value-added tax on basic food products and basic necessities.

Turkey’s central bank has kept the benchmark interest rate unchanged since January, halting an easing cycle that sparked a currency slump in the second half of 2021.

The Turkish currency lira has lost roughly 60 percent of its value since 2021.

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