ISTANBUL—Yearly inflation in Turkey hit 61.14 percent on Monday, climbing to a new 20-year high and deepening a cost of living crisis for many households. The Turkish Statistical Institute said consumer prices rose by 5.46 percent in March compared with the previous month. Yearly inflation was up from 54.44 percent in February. The highest yearly price increase was in the transportation sector, at 99.12 percent, while the increase in food prices was 70.33 percent, according to the data. It was the biggest year-on-year increase since March 2002. Rising prices are part of an economic crisis exacerbated by the COVID-19 pandemic. Meanwhile, Russia’s invasion of Ukraine has seen a surge in gas, oil and grain prices. Turkey’s runaway inflation also follows a series of interest rate cuts late last year, in line with President Recep Tayyip Erdogan’s opposition to high borrowing costs in a bid to boost growth, investment and exports. …