Turkey: Inflation hits two-decade high of 70%

Source: CNN

“Turkey’s annual inflation jumped to 69.97% in April, above forecast and at a two-decade high, according to data on Thursday, fueled by the Russia-Ukraine conflict and rising energy and commodity prices after last year’s lira crash. The currency slide was triggered by a 500 basis point interest rate easing cycle which began last September under pressure from President Tayyip Erdogan, triggering the sustained surge in consumer prices.” (05/05/22)