Turkey's annual inflation rate is at its highest in 20 years, at 61.14 percent. The dramatic increase in the price of key necessities has impacted people hard. turkey, along with Sri Lanka, Pakistan, and Venezuela, is one of the countries in the midst of a catastrophic global economic crisis. The economic damage began nearly two years before the corona virus outbreak spread.

The supply chain is being hit hard by economic factors like the steep depreciation of the Turkish lira and growing inflation. Since the start of the crisis, the country has been severely harmed. industry and trade are on the decline. Inflation has risen rapidly, as have prices. President Erdogan has taken moves to lower loan rates in anticipation of increased industrial activity. The central bank reduced interest rates by 500 basis points in September. As a result, inflation is rising in tandem with the lira's depreciation. turkey is experiencing a serious crude oil and gas scarcity as a result of the Russia-Ukraine conflict. Its cost has also increased. The lira, the Turkish currency, has fallen in value.

Turkey's yearly inflation rate has been announced in this context. In march, Turkey's annual inflation rate hit a 20-year high of 61.14 percent. According to the Turkish Statistics Office, consumer prices increased 5.46 percent in march compared to the same month last year. In February, annual inflation was 54.44 percent. Consumer price inflation has driven up transportation and gasoline prices on a monthly basis. Textbooks and school fees, for example, increased by 13.29 percent and 6.55 percent, respectively. The cost of transportation has climbed by 99.12% on an annual basis. Food and non-alcoholic beverages prices increased by 70.33 percent, while furniture prices increased by 69.26 percent.
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G GOWTHAM

05/04/2022 07:00 AM