The Central Bureau of Statistics in Turkey released March inflation data showing an increase of 61.14% year-on-year, a 20-year high, compared to 54.44% in February. The monthly price increase in March was 5.46%.
The sector that suffered the sharpest increases is the transport sector with an increase of 99.12%. Food prices soared by 70.33%, the largest increase in this segment since March 2002, exactly 20 years ago.
Rising prices are part of the economic crisis Turkey has been suffering from since the outbreak of the corona plague, meanwhile being exacerbated by rising global energy prices due to the crisis in Ukraine.
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In the case of Turkey, inflation is also fueled by an unusual policy of the central bank under the influence of President Erdogan, who precisely in the period of rising prices cut interest rates by 5% between September and December. Also, the Turkish lira, which has lost 44% of its value against the dollar in the past year, was another factor that contributed to the country’s high inflation
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