Turkey's annual inflation jumped to 61.14% in March, according to data on April 4, a two-decade high fuelled by a crash in the lira currency and higher commodity prices.
Month-on-month, consumer prices rose 5.46%, the Turkish Statistical Institute (TÜİK) said.
The producer price index soared 9.19% month-on-month in March for an annual rise of 114.97%.
According to unofficial data from the ENAG Inflation Research Group, an independent institution set up in 2020 to track the country’s inflation, Turkey’s annual consumer price inflation rate was 142.63% in March, far higher than official claims. ENAG also said that prices in Turkey increased by 11.93% percent month-on-month in March.
ENAGrup Consumer Price Index (E-CPI) increased by %11.93 in March, 2022— ENAG (@ENAGRUP) April 4, 2022
E-CPI increased by %142.63 in the last 12 months.
That’s bad news for President Recep Tayyip Erdoğan’s re-election bid next year as a cost-of-living crisis drains some support. The lira shed 44% of its value last year as the central bank slashed interest rates by 500 basis points, under a drive by Erdoğan to prioritize credit and exports despite the double-digit price rises.