Inflation in Turkey soared to nearly 70% in April, official data showed Thursday, as skyrocketing prices eat away at earnings and put even basic necessities out of reach for many households.
The Turkish Statistical Institute said consumer prices rose by 69.97% in April compared with the previous year, the biggest year-over-year increase since 2002. The annual inflation rate was up from 61.14% in March.
In comparison, the highest U.S. inflation in 40 years amounted to 6.6% last month, according to the U.S. Federal Reserve’s preferred gauge, and in the 19 countries using the euro currency, it hit a record-high 7.5%. Some central banks worldwide are raising interest rates to combat inflation, which the Fed did Wednesday and the Bank of England is expected to do Thursday.
