Turkey’s Inflation Rate Soars 70% In April

Inflation in Turkey soared to nearly 70% in April, posing a huge challenge to the people who already complain about skyrocketing prices of daily basic necessities.

The Turkish Statistical Institute said on Thursday that the consumer price index rose by 69.97% year-on-year in April compared with 61.14 percent in the month of March.

“Food and non-alcoholic drink prices rose the most at 13.38%, and house prices rose 7.43%, and clothing and footwear with 6.96%,” it said.

Turkish President Recep Tayyip Erdogan had earlier said that the rise in food and energy prices had been triggered by the war in Ukraine, but said everything would be okay by the end of the year.

Erdogan also promised tax cuts on basic goods and government subsidies for some electricity bills in order to ease the burden on the household budget, but despite that inflation has continued to rise.  

Turkey is going through its highest annual inflation rate since Erdogan’s ruling Justice and Development Party took power in 2002.

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