Turkish inflation jumps from 20% to 70% in just six months
Even if monthly price increases ease to an average of 5% in the coming months, Turkey would face an annual consumer inflation of over 100% in the fall and finish the year with a rate of some 90%.
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.
