NEWS

Turkey’s Annual Inflation Rate At An All Time High

Turkey’s annual inflation rate has soared to a 19-year high, underlining the country’s financial turmoil and alarm over its president’s policies.

Prices hit more than 36 percent last month as the cost of transport, food, and other staples ate into household budgets.

Most central banks raise interest rates to help cool inflation, but Turkey has gone the other way.

It has meant a collapse in the value of the lira, as Tayyip Erdogan prioritizes exports over currency stability.

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

Readers Bureau

Edited by Jesus Chan

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