Turkey’s cost of living soars nearly 70%

Consumer prices in Turkey soared nearly 70% in April from a year ago, hitting a two-decade high, official figures show.

Transport, food prices and household furnishings recorded the sharpest rise in annual inflation – transport costs jumped by 105% over the year. Countries around the world are dealing with a growing cost of living crisis.

But Turkey’s problems have been made worse by its president’s reluctance to raise interest rates – a commonly used tool to help cool inflation.

The cost of food and non-alcoholic drinks saw an annual increase of 89.1%, while furnishings and household equipment were up 77.64%.

On a monthly basis, prices jumped 7.25% in April, according to data from the Turkish Statistical Institute.

Turkey has seen a collapse in the value of the lira, as President Tayyip Erdogan prioritises exports over currency stability.

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