US EditionTurkey’s inflation climbs to 68.5% despite continued rate hikes
- Inflation in Turkey surged to 68.5% annually in March, despite efforts to curb it through interest rate hikes.
- The government implemented a series of interest rate hikes, with the most recent increase in late March raising the key rate from 45% to 50%.
- Rising global energy prices, the weakening Turkish lira, and COVID-19 fallout are among the factors contributing to the inflation surge.
26 Articles
26 Articles
The increase in the cost of living is considered one of the factors that contributed to the victory of the opposition in the local elections of recent days
Turkey inflation hit 68.5% ahead of election blow to ruling party
Turkey's annual inflation rate climbed to 68.5% in March, data showed on Wednesday, underscoring a major reason for the massive losses sustained by President Tayyip Erdogan's party in nationwide local elections at the weekend.
Prices in Turkey are rising rapidly for the fifth month in a row. Inflation is now almost 70 percent. And there is no end in sight to the wave of inflation.
Turks must spend as much money on their standard of living as they have not spent since the end of 2022. According to the statistics office, the inflation rate rose to 68.5 percent. But there is hope.
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