Turkey’s inflation rate has risen above 83%, reaching a 24-year high.
The three industries with the most price increases are transportation, food, and housing.
The true yearly rate, according to independent specialists at the Inflation Research Group, is 186.27%.
Recep Tayyip Erdogan, the president of Turkey, deviated from tradition last year by lowering interest rates in an effort to stimulate the economy. To combat inflation, the majority of central banks hike interest rates.
The largest annual price increases were in the transportation industry (117.66%), followed by food and non-alcoholic beverages (93%).
Interest rates have been referred to by Mr. Erdogan as “the mother and father of all evil,” and one of his economic plans include intervention in currency markets.
The reduction in interest rates from 19% to 14% last year has caused a drop in
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