Inflation in Turkey soars to almost 70% as cost of food and transport rises

Inflation in Turkey soared to an annual rate of almost 70 per cent in April as high global energy prices and the weak lira fuelled a surge in the cost of food, transport and other basic needs, Financial Times reports.

Data published by the official statistics agency showed that the country’s consumer price index rose by 69.97 per cent last month.

It was driven by a steep rise in the cost of food and non-alcoholic drinks, which rose around 89 per cent year-on-year, and transport, which was up around 106 per cent.

The figures — which opposition parties say underplay the true scale of the problem — represent the highest level of inflation in Turkey since early 2002, when the country was reeling from a financial crisis.

The steep rise in the cost of living has driven discontent with president Recep Tayyip Erdogn and his ruling party. But Erdogan, a staunch opponent of high interest rates, has repeatedly resisted calls to allow the central bank to hike borrowing costs. That has put pressure on the Turkish lira, which is worth around 40 per cent less than it was 12 months ago.

Show More
Back to top button