Turkey’s Inflation Soars To 73%, Highest In 23 Years

Turkey’s inflation for the month of May rose by 73.5%, the highest in 23 years, with the prices of food and energy having been raised significantly.

The Turkish Statistical Institute (TURKSTAT) reported that food prices rose 91.6% year on year, and the lowest annual increase was 19.81% in communication and education with 27.48%.

According to TURKSTAT, the highest increase compared to the same month of the previous year was transportation with 107.62%, and household goods such as energy, electricity, water with 82.08 percent.

The annual inflation surged to a two decade high by 69 percent in April due to the rise in energy prices and Lira’s crash.

Turkish President Recep Tayyip Erdogan had earlier met with his top economy policy officials behind closed doors and discussed prospects on the economic situations as the inflation keeps straining households.  

Turkey has so far failed to chalk out an economy plan to prevent inflation.

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