Turkish inflation out of control — RT Business News

Consumer prices in Turkey soared 69.97% in April compared with the same month last year, official data showed on Thursday. Inflation has soared amid rising energy prices amid the Russian-Ukrainian conflict and a crash in the lira late last year.

The figure, released by the Turkish Statistical Institute, exceeded the central bank’s estimate of 68% and represents the biggest increase in two decades. On a month-to-month basis, consumer prices rose 7.25%. Food prices have increased by 89% since last year and transport costs by 105.86%. According to the data, the annual core inflation was 52.37%.

The government hopes that the rise in the cost of living – fueled by rising commodity prices attributed to the conflict in Ukraine – will start to slow after May.

Turkey imports 93% of the oil and 99% of the gas it consumes. Sanctions imposed on the Russian energy sector due to the conflict in Ukraine and other geopolitical factors have led to a global increase in oil and gas prices.

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The Turkish lira lost 44% of its value against the US dollar last year after Turkey’s central bank cut interest rates by one percentage point in November – the third cut since September – and announced that it would cut rates again in December, in an attempt to curb rising inflation.

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