Consumer Prices in Turkey Increase by 70% Compared to Last Year

Consumer prices in Turkey have risen by nearly 70% compared to the previous year. In just one year, transportation costs have surged by 105%. This has been reported by the BBC, citing official data from the country.

Overall, prices for goods have increased in various countries around the world. However, according to the outlet, the issues in Turkey are more serious, as President Recep Tayyip Erdoğan refuses to raise interest rates, which is typically done to curb inflation. The price of food and non-alcoholic beverages has increased by 89.1%, while furniture and household appliances have seen a rise of 77.64%. Month-on-month, prices in April rose by 7.25%.

The publication notes that the global rise in prices is attributed to the COVID-19 pandemic and the war in Ukraine. Many countries have responded by raising interest rates to encourage individuals and businesses to borrow and spend less in order to control inflation. Meanwhile, Turkey's president changed the leadership of the Central Bank last year, and since September, the bank has lowered interest rates from 19% to 14%.