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Al Mayadeen's correspondent: 10 martyred by an Israeli airstrike that targeted people waiting for humanitarian aid in Salah al-Din Street in central Gaza
IRGC Statement No. 10: The residents of Tel Aviv are now defenseless in the face of Iran’s missile capabilities
IRGC Statement No. 10: Latest missile strike proved beyond any doubt that the skies over the occupied territories are now fully under our control
IRGC Statement No. 10: Deployment of Fattah missiles delivered a message of Iranian power to Tel Aviv’s delusional ally and instigator of war
IRGC Statement No. 10: Powerful and maneuverable Fattah missiles penetrated "Israel’s" missile defense shield, repeatedly striking the cowardly Zionist hideouts
IRGC Statement No. 10: We are witnessing the beginning of the end of the Zionist army’s air defense system
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In response to the Israeli threat to Tehran's District 18, Iranian forces issue an evacuation order for Israeli settlers in the Neve Tzedek area
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Inflation in Turkey soars to 20-year-high of 70%

  • By Al Mayadeen net
  • Source: Agencies
  • 5 May 2022 11:32
1 Min Read

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.

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  • Inflation in Turkey soars to 70% in April
    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.

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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.

Read more: Turkey Central Bank maintains interest rate of 14%

 

Days ago, Turkish riot police arrested a large number of protestors taking part in Workers' Day (May Day) demonstrations against economic hardship.

  • Turkey
  • Recep Tayyip Erdoğan
  • inflation

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