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.

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