BUSINESS

Turkey’s Annual Inflation Rate At An All-Time High

Turkey’s annual inflation rate has leaped to a 19-year high and is set to turn the country’s economic activities topsy turvy.

Prices hit an unprecedented 36 percent high last month as the cost of transport, food, and other staples ransacked household budgets.

Normally, one would expect the country’s central bank to raise interest rates to help cool inflation, but Turkey has taken a different direction.

The lira shed 44 percent of its value against the U.S. dollar.

This comes on the back of the Tayyip Erdogan-led government move to strengthen export rather than focus on currency stability.

Readers Bureau

Edited by Jesus Chan

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