The latest data from the Turkish Statistical Institute (TSI) shows that rising transportation and food costs were some of the key factors contributing to the surge in the country’s inflation rate to 70%.
Economic Revival Efforts Not Bearing Fruit
Rising commodity prices and increased transport costs are some of the key contributing factors behind the surge in Turkey’s inflation rate to 70%, the latest data has shown. On a month-to-month basis, however, April prices are only 7.25% higher, data from the Turkish Statistical Institute (TSI) shows.
The new data again suggests that Turkey’s President Recep Tayyip Erdoğan’s attempts to revive the economy are not bearing fruit just yet. As previously reported by Bitcoin.com News, Turkey’s deteriorating economic situation took a turn for the worst after President Erdogan fired the then central bank governor, Naci Agbal.
Since then, the country’s monetary authorities have struggled to tame the consumer inflation rate, which stood a