Turkey’s runaway inflation soars to near 79%
The Turkish government’s continued failure to stabilize the battered lira raises the prospect of inflation topping 100% in the fall.
Consumer prices in Turkey rose 4.95% in June, bringing annual inflation to 78.6%, the highest reading since 1998, according to official data released Monday.
The spiraling inflation — fueled mainly by the slump of the lira since September when Ankara embarked on a controversial policy to promote growth by pushing the central bank to cut interest rates — threatens to top 100% in the fall if price increases continue at the current pace.
