The level of annual inflation in Turkey has increased to 73.5% in May – this is the highest rate in the country over the past 24 years, writes Politico.
According to the Turkish Institute of Statistics, published on Friday, transport among the most affected sectors. In it, prices rose by 107.6% in annual calculus.
In second place is the food sector where prices rose by 91.6%.
This is the highest level of inflation in Turkey since 1998. Next year, the country adopted a comprehensive deflation program with the support of the IMF.
The Central Bank of Turkey refused to increase interest rates, despite inflation, and retained them unchanged for more than five months.