Iran Press/ Asia: Turkey’s official inflation rate hit its highest level in 20 years as soaring energy and food prices compound the economic challenges confronting President Recep Tayyip Erdogan.
The highest annual price increase was in transport with 99.12 percent, followed by foods and non-alcoholic beverages with 70.33 percent, and furnishings and household equipment with 69.26 percent, respectively.
Meanwhile, the domestic producer price index increased by 9.19 percent on a monthly basis, with an annual rise of 114.97 percent in March.
Turkey has been struggling with elevated inflation, which has put pressure on its population with rising living costs.
Economists predict that the country is likely to live with high inflation throughout 2022. The conflict between Russia and Ukraine has also prompted inflation over increasing energy prices.
Responding to the inflation figures, finance minister Nureddin Nebati said his country was going through an “extraordinary period” as a result of two years of the coronavirus pandemic followed by the war in Ukraine.
Turkish President Recep Tayyip Erdogan announced in December last year a record 50-percent rise in the minimum wage to help offset surging living costs amid high inflation and a currency slump. 219
