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Inflation rises to 70 percent! – actually even higher?

People in Turkey can afford less and less for their money. The inflation rate continued to rise in April and is now 70 percent from the same month last year. Experts assume it’s actually even higher.

In Turkey, already high consumer prices continued to rise in April. The inflation rate rose to 69.97 percent from the same month last year, according to data released Thursday by the statistical office. This is the strongest increase in consumer prices since February 2002.

The inflation rate had already reached 61.14 percent in March. The huge increase in prices is significantly fueled by higher energy costs, pushed upwards also by the decline in the value of the Turkish lira. The situation is aggravated by the Russian aggressive war against Ukraine; Russia and Ukraine are important to Turkey for the import of energy sources and grain respectively.

High consumer prices have become one of the most important issues in Turkish politics in recent months. Despite rampant inflation in the country, the central bank recently left the benchmark interest rate unchanged. Turkish President Recep Tayyip Erdoğan is an outspoken opponent of high interest rates, which are usually seen as an effective means of fighting inflation.

Is the statistical office glossing over the inflation data?

A good year before the presidential elections scheduled for June 2023, critics of the opposition ranks and some economists accuse the national statistical office Tüik of hiding the extent of the inflation.

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