Turkey’s inflation hits 54.4% as Ukraine crisis threatens fresh blows

Russia’s invasion of Ukraine is producing fresh headwinds for Turkey’s economy, including further inflationary pressure and looming blows to the country’s tourism sector, a vital source of hard currency revenues.
People look at exchange rates outside an exchange office, Ankara, Turkey, Feb. 23, 2022.
People look at exchange rates outside an exchange office, Ankara, Turkey, Feb. 23, 2022. - Adem Altan/AFP via Getty Images
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Mustafa Sonmez
@mustfsnmz

Consumer prices rose 4.8% in Turkey in February, bringing annual inflation to a two-decade high of 54.4%, official data showed March 3, as the economic fallout of Russia’s invasion of Ukraine threatens to worsen the country’s inflation woes. 

The gap between consumer and producer inflations grew to more than 50 percentage points in February, as producer prices rose 7.2% on a monthly basis and 105% over a year. 

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