Turkey’s annual inflation surged to 36.08 percent, highest in 20 years

Turkey’s annual inflation has surged to 36.08 per cent year-on-year in December, the highest level since September 2002, the country’s Statistical Institute revealed…reports Asian Lite News

The Institute said on Monday that the country’s consumer prices raised by 13.58 month-on-month in December 2021, Xinhua news agency reported.

The producer price index increased by 19.08 percent on a monthly basis, with an annual rise of 79.89 per cent, it added.

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Turkey’s economy saw robust growth in 2021 as financial institutes are predicting a 9 percent growth in the country’s GDP.

The high inflation and forex instability have, however, cast a shadow over the growth in 2022.