Inflation in Turkey reaches its highest level in 20 years

Inflation in Turkey continues to grow at an accelerated pace. The country’s statistics agency said consumer prices rose 54.4% in February from a year ago. A month earlier, inflation in the country was at the level of 48.7%. Analysts predicted its growth in February to 53%. The leaders in terms of price growth were transport services. They went up in price last month by almost 76%. Groceries, furniture, and household appliances increased in price by more than 64%. The cost of utilities jumped by 50%. Visiting cafes and restaurants cost consumers 55% more. On a monthly basis, February inflation stood at 4.8%, following an 11.1% rise in prices in January. Producer prices also accelerated growth. In February, they rose by 105% year on year. In January, prices rose by 93.5%. Over the past 12 months, the lira has fallen in price by half. The Turkish authorities have previously stated that they will take all necessary measures to prevent further growth in consumer prices.

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Arseny Kudrin

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