Turkish Inflation Soars to Two-Decade High
1/3/2022- 9:11 a.m.
Turkish Inflation Soars to Two-Decade High
Annual consumer inflation rate rose up over 36% in December, as a massive slump in the lira saw food and energy prices soaring in Turkey.
It’s the highest it’s been since September 2002, as President Erdogan blames high borrowing costs for impeding economic growth. His calls have seen the Central Bank slash interest rates, causing its currency to tailspin.
The 44% slump suffered by the lira in 2021 saw Bloomberg rank the currency as the worst among major economies being tracked.
