https://ahvalnews.com/-Turkey overtook Argentina to head a league table of major countries with the highest inflation as annual price increases hit 54.4 percent in February, extending a two-decade high.
Annual inflation accelerated from 48.7 percent in January, the institute said on its website on Thursday. Prices increased by 4.81 percent on a monthly basis.
CPI had stood at 15.6 percent in February last year. A currency crisis later in 2021, sparked by a decision by the central bank to cut interest rates, sent the lira tumbling to successive record lows pushing up the price of imported goods and materials.
Inflation in Argentina, which is implemening an IMF bailout programme for its crisis-hit economy, stood at 50.7 percent in January, slowing for the fourth-straight month.
Producer price inflation in Turkey hit 105 percent last month, the institute said. Prices rose by 7.22 percent from January.
The lira, which lost 44 percent of its value in 2021, was trading down 0.7 percent at 14.12 per dollar on Thursday.