Consumer confidence in Turkey slumped to the lowest level since January 2010 after inflation jumped and the lira lost value against major currencies.
Sentiment among householders worsened to 67.3 this month from 72.5 in March, the Turkish Statistical Institute reported on Thursday. Any reading below 100 reflects pessimism.
Inflation in Turkey has accelerated to a two-decade high of 61.1 percent, the highest level in major emerging markets and the G-20 group of industrialised nations.
The surge in prices has pummelled living standards in the nation of 85 million people. Losses for the lira have contributed to the cost of living, making imported goods such as mobile phones and cars more expensive. The currency has lost about 10 percent of its value against the dollar this year, adding to a decline of 44 percent in 2021.
The fall in consumer confidence was led by a measure gauging the current financial situation of households, which fell to 49.1 from 54.4. A gauge of financial expectations over the next 12 months declined to 63.9 from 69.9. Expectations for the general economic situation in the country dropped to 67.3 from 72.6