Turkey’s annual inflation rate reaches a 20-year high of about 70% in April 2022

Ankara, May 5: Turkey’s annual inflation rate surged to 69.97% in April, reaching its highest level in 20 years, the Turkish Institute of Statistics announced Thursday. Consumer prices in the country rose 7.25% month-on-month in April, according to data released by the institute.

The highest annual price surge was in the transport sector, at 105.86 percent. Food and non-alcoholic beverage costs rose 89.1%, while furniture and household equipment prices rose 77.64%. Turkey reported annual inflation of 69.9% in April 2022.

The domestic producer price index rose 7.67% month-on-month and rose 121.82% annually. Turkey has experienced invisible economic hardships in decades, and the Turkish lira lost half of its value last year due to the COVID-19 pandemic. The conflict between Russia and Ukraine also exacerbated the situation, pushing energy prices to new highs.

Economists predicted that Turkey is likely to live in high inflation throughout 2022. On Wednesday, the Federal Reserve raised the benchmark interest rate by 0.5 percentage points, marking the sharpest rate hike since 2000. confusion.

(This is an edited and auto-generated story from the Syndicated News Feed. LatestLY staff may not have changed or edited the content body)

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