Inflation Surges 70 Percent in Turkey on Higher Energy Prices and Weakening Lira

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Inflation in Turkey hit a 20-year-high in April as the country continued to battle rising rates, further exacerbated by the conflict in Ukraine and supply chain issues, according to data published by the Turkish Statistical Institute on May 5. Consumer price inflation soared to 69.97 percent per year in April, and 7.25 percent monthly, driven by high global energy prices and the weakening lira. A Reuters poll forecast annual consumer price inflation to be 68 percent and monthly at 6 percent. The surge in consumer prices was driven by an annual 105.9 percent increase in transportation, and an 89.1 percent jump in food and non-alcoholic drinks prices, the data showed, while furnishings and household equipment jumped 77.64 percent. ...

Source: https://www.theepochtimes.com/inflation ... 47470.html