Turkey’s yearly inflation climbed by the fastest pace in 19 years, jumping to 36.08% in December, official data showed on Jan. 3.
The Turkish Statistical Institute said the consumer price index increased by 13.58% in December from the previous month, further eroding peoples’ purchasing power. The yearly increase in food prices was 43.8%, the data showed.
The yearly inflation rate was the highest since September 2002.
Last month, President Recep Tayyip Erdoğan announced measures to safeguard lira deposits against volatility after the Turkish currency hit an all-time low of 18.36 against the dollar. The lira rebounded following the announcement but has since lost some of those gains.
Hurriyet Daily News