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Annual inflation in Turkey has grown at the fastest pace in 19 years, respectively 36.08 percent in December, according to data from the Turkish Institute of Statistics.
According to him, the consumer price index increased by 13.58 percent in December, compared to the previous year.
The annual increase in food prices has reached 43.8 percent.
The inflation rate has been the highest since September 2002.
Inflation has risen in the country, while the Turkish lira has depreciated to record levels as the country’s central bank – under pressure from President Recep Tayyip Erdogan – cut interest rates by five percent in September.
The weakening lira has made imports, oil and daily commodities more expensive, leaving 84 million people short of essentials.
Many people have bought foreign currencies and gold to save their savings.
Last month, Erdogan introduced new measures to preserve the lira, as it was trading at 18.36 against the US dollar at the time.
For a free time it has strengthened, though gradually slipped again.
In 2021, it has depreciated by almost 44 percent against the US dollar.
Erdogan insists lower interest rates affect economic growth, despite economists saying otherwise.
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