Inflation in Turkey soars to 20-year-high of 70%

By Al Mayadeen net
Source: Agencies
5 May 11:32

Turkey's official inflation rate was at a 20-year-high in April, according to figures released on Thursday, posing a significant challenge to President Recep Tayyip Erdogan's government.

Inflation in Turkey soars to 70% in April

Turkey's official inflation rate was above 70% in April, according to figures released on Thursday, posing a significant challenge to President Recep Tayyip Erdogan's government.

According to the national statistics office, the consumer price index increased by 69.97% year on year in April, compared to 61.14% in March.

Many of Turkey's social issues, economists contend, are the result of Erdogan's unusual economic policy, which has pushed many foreign investors away from the once-promising growing market.

In defiance of economic orthodoxy, Erdogan maintains that significant interest rate cuts are required to bring down skyrocketing consumer costs.

The greater inflation rate is also due to the Turkish lira's depreciation, which has made energy imports considerably more expensive.