Annual inflation in Turkey exceeded 73%


In May, inflation in Turkey rose to 73.5% year-on-year. This is the highest figure in the country over the past 24 years.

Prices rose the most over the year in the transport (107.6%) and food (91.6%) sectors. This is the biggest price increase since 1998, when the country implemented the IMF disinflation program.

Despite record inflation, the central bank of Turkey refuses to raise the key rate, in particular, due to pressure from President Recep Tayyip Erdogan, who believes that a high rate will only accelerate price growth.

"Those who want to convince us of the connection between the key rate and inflation are either illiterate or traitors," Erdogan commented at the end of last month.

Exchange rates in Turkey -