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Turkey’s annual inflation hits 24-year high at 78.62%

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Istanbul: Annual inflation in Turkey hit 78.62% in June, the highest rate since 1998, official data showed on Monday.

The Turkish Statistical Institute, or TurkStat, released the monthly figures as Turkey faces a deepening cost of living crisis. Consumer prices rose 4.95% on a monthly basis, the institute reported.

With many countries experiencing rising consumer prices, critics blame Turkey’s troubles on President Recep Tayyip Erdogan’s economic policies.

The Turkish leader insists that high borrowing costs cause inflation, a position that contradicts established economic thinking and advocates lower interest rates to boost growth and exports.

Turkey’s central bank had cut rates by 5 percentage points since September, to 14%, before suspending cuts in January.

The Turkish lira lost 44% of its value against the US dollar last year.

Russia’s invasion of Ukraine, which led to soaring gas, oil and grain prices, has worsened the situation in import-dependent Turkey.

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