The highest level in 20 years .. Inflation in Turkey rises to 48.7%
Today, Thursday, official data showed that the consumer price index (inflation) in Turkey increased by 11.10% in January, on a monthly basis, to reach 48.69% on an annual basis.
That level is the highest in nearly two decades, driven by a series of unconventional interest rate cuts and a sharp depreciation of the lira late last year.
The Turkish lira has been suffering from a continuous decline in its value since 2014.
According to the data of the Turkish Statistics Authority, the producer price index rose in January by 10.45% on a monthly basis, while it reached 93.53% on an annual basis.
Consumer prices increased by 22.58% and producer prices by 49.93% as of last January, compared to the rates of the last 12 months.
The consumer price index measures the changes that occur in the general level of prices, based on tracking a basket that includes all goods and services consumed within a particular country.