(ANSA) – ISTANBUL, 05 MAY – Inflation on an annual basis in Turkey reached 69.97% in April, reaching 7.25% compared to the previous month. This was revealed by data from the Tuik National Statistics Institute. The prices relating to the transport sector (105.86%), food and non-alcoholic beverages (89.10%), home furnishings (77.64%) and hotels, bars and restaurants (69.26) increased more. .
The data maintains the trend recorded already in the previous month when the highest price increase of the last 20 years was detected with 61.14% in 12 months. According to the estimates of the independent research group Enag, reported by various Turkish media, the increase in prices would be much higher than official data with inflation on an annual basis equal to 156.86% and 8.68% since March in April.
Since the autumn, a widespread increase in prices has been recorded in Turkey parallel to the devaluation of the national currency which last year lost almost 50% of its value against the dollar. The Turkish lira had entered into crisis following a regular cut in its reference interest rate (today at 14%, -500 basis points from September to December) decided by the Central Bank in line with the economic vision of Turkish President Recep Tayyip Erdogan. The national currency has stopped losing value since January, when the bank decided to keep rates stable. (HANDLE).
Source: Ansa
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