Turkish consumer prices rose 7.25% in April and annual inflation hit 69.97%, more than tripling in just six months — a price explosion with few precedents in the recent history of the country.

Food, clothing and transport prices were among the major drivers of inflation in April, according to data released Thursday by the Turkish Statistical Institute. And although the central bank significantly hiked its year-end inflation forecast to 42.8% last week, it appears bound to miss the mark, with the annual rate likely to reach the range of 80% to 90% in December.

The dizzying price increases have been the public’s No. 1 concern in recent months, plunging millions into grave livelihood woes ahead of elections next year. Though external factors such as the economic fallout of the Ukraine war have added to the inflation surge, President Recep Tayyip Erdogan is seen as primarily responsible for the problem, which is casting a big cloud of uncertainty over the country, both economically and politically. 

Back in September, when annual inflation stood at about 20%, Erdogan pressured the central bank to lower its 19% policy rate, insisting on the unorthodox view that high interest rates are the cause of high inflation. The bank’s four cuts in as many months brought the benchmark rate to 14% in December. The controversial policy sent the Turkish lira into a tailspin and fueled dollarization, with the ensuing spike in inflation spiraling out of the control.