Inflation in Turkey has hit multi-decade highs as policies implemented by President Tayyip Erdogan continue to take a toll on the country’s economy.
The Consumer Price Index (CPI), a measure of inflation, rose by 78.62 percent annually and 4.95 percent monthly in June, according to a July 4 press release by the Turkish Statistical Institute. This is the highest annual rate of inflation since September 1998 when it hit 80.4 percent. On a monthly basis, transportation costs rose by 10.59 percent, housing by 8.34 percent, and food and non-alcoholic beverages by 2.09 percent.
Transportation rose the highest on an annual basis, surging by 123.37 percent. This was followed by food and non-alcoholic beverages at 93.93 percent, furnishings and household equipment at 81.14 percent, hotels, cafes, and restaurants at 79.55 percent, housing at 75.09 percent, and alcoholic beverages and tobacco at 70.99 percent….