Turkey’s official inflation rate stood at nearly 70 percent in April, Agence-France Presse reported on Thursday, citing official data, posing a huge challenge to the government of President Recep Tayyip Erdoğan.
The consumer price index rose by 69.97 percent year-on-year in April compared with 61.14 percent in March, the national statistics agency calculated in a statement.
Economists argue that many of Turkey’s social problems are attributable to Erdoğan’s unconventional economic strategy which has turned many foreign investors away from the once-promising emerging market.
Erdoğan insists that sharp cuts in interest rates are needed to bring down soaring consumer prices, flying in the face of economic orthodoxy.
The higher rate in inflation is also attributable to a collapse in the lira which has made energy imports much more expensive.
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