Turkey’s Annual Inflation Soars to 24-Year High at 73%
Russia’s invasion of Ukraine, which led to a surge in gas, oil and grain prices, has compounded the situation in import-reliant Turkey.
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.
Check Tweet:
(SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter (X), Instagram and Youtube. The above post is embeded directly from the user's social media account and LatestLY Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of LatestLY, also LatestLY does not assume any responsibility or liability for the same.)