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Turkey’s inflation hits 61 per cent, new 20-year high

ISTANBUL (AP) – Yearly inflation in Turkey hit 61.14 per cent yesterday, climbing to a new 20-year high and deepening a cost of living crisis for many households.

The Turkish Statistical Institute said consumer prices rose by 5.46 per cent in March compared with the previous month.

The highest yearly price increase was in the transportation sector, at 99.12 per cent, while the increase in food prices was 70.33 per cent, according to the data. It was the biggest year-on-year increase since 2002.

Rising prices are part of an economic crisis exacerbated by the COVID-19 pandemic.

Meanwhile, Russia’s invasion of Ukraine has seen a surge in gas, oil and grain prices.

In an effort to soften the blow on households, the government has implemented tax cuts on basic goods and has adjusted electricity tariffs.

A man looks at the products sold at a counter where second-hand products are sold. PHOTO: AFP