Inflation in Turkey hits 20-year high of nearly 49%
ABC News
Turkey’s annual inflation came in at nearly 49%, hitting a nearly 20-year high and further eroding people’s ability to buy even basic things like food
ANKARA, Turkey -- Turkey’s annual inflation came in at nearly 49% on Thursday, hitting a nearly 20-year high and further eroding people’s ability to buy even basic things like food.
The Turkish Statistical Institute said the consumer price index increased by just over 11% in January from the previous month. The yearly increase in food prices was more than 55%, according to the data.
The inflation rate was the highest since April 2002 in a country that is facing an economic upheaval and currency crisis, triggered by a series of interest rate cuts.
President Recep Tayyip Erdogan has declared himself an “enemy” of high interest rates, insisting that they cause inflation — a stance that contradicts established economic thinking.