Turkish consumer inflation soars to 73.5%
Turkey’s May consumer inflation came in lower than expected, but newly announced gas and electricity hikes bode a renewed resurge in prices across the board.
Turkey’s consumer inflation has hit a 24-year high of 73.5% and the Turkish lira has lost 49% of its value since September as President Recep Tayyip Erdogan pursued a controversial policy to lower interest rates and promote growth at the expense of inflation spiraling out of control.
Consumer prices rose 2.98% in May to bring annual inflation to 73.5%, the highest since 1998, according to data released Friday by the Turkish Statistical Institute (TUIK).
