Inflation in Turkey soars to 20-year-high of 70%
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.
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.
Days ago, Turkish riot police arrested a large number of protestors taking part in Workers' Day (May Day) demonstrations against economic hardship.