Turkey inflation hits 61% climbing to new 20-year high

Ankara has blamed the surge on the Covid-19 pandemic and the Ukraine war

Turkey’s inflation hit 61.14 per cent on Monday, the Turkish Statistical Institute reported.

According to the report, Turkey’s yearly inflation climbed to a new 20-year high, deepening a cost of living crisis for many households.

The Institute said consumer prices rose by 5.46 per cent in March compared with the previous month. Yearly inflation was up from 54.44 per cent in February.

The data highlighted that highest yearly price increase was in the transportation sector, at 99.12 per cent, while the increase in food prices was 70.33 per cent.

Last December, Turkish lira lost 44 per cent of its value against the US dollar.

READ: Turkey warns banks not to lend to firms trading liras offshore

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