Turkey’s annual inflation rate hit a 24-year high of 73 per cent in May, data revealed on Friday, as the country battles Russia-Ukraine war-induced inflation, high energy prices and a tumbling lira that has not recovered since December last year. Turkey’s central bank has cut rates by 5 percentage points since September, to 14% before pausing them in January. The Turkish lira lost 44% of its value against the U.S. dollar last year.

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