Turkey has been struggling with inflation for a while now. Unfortunately, the problem is still going on and the inflation rates has hit a record high in March 2022. 
Yearly inflation in Turkey hit 61.14% in March climbing to a new 20-year high. According to the Turkish Statistical Institute (TurkStat) , The figure was 54.4% in the previous month and 16.19% in March 2021. This inflation has effected transportation and food and drinks prices by 99.12% and 69.26% respectively.
Turkey blames most of this situation to Covid and Russia-Ukraine war! The situation became worse when the banks cut rates by 5 percent between September and December. Lira also lost its value against US dollar by 44% and now sits at 18.41 per dollar.
What does this mean?
Well, inflation is not good news, never has been, never will be! A group of economists in Anadolu Agency (AA) projected an average annual rise of almost 61% in consumer prices! Meaning things will become more expensive.
Now I have made myself depressed by covering this news
Yearly inflation in Turkey hit 61.14% in March climbing to a new 20-year high. According to the Turkish Statistical Institute (TurkStat) , The figure was 54.4% in the previous month and 16.19% in March 2021. This inflation has effected transportation and food and drinks prices by 99.12% and 69.26% respectively.
Turkey blames most of this situation to Covid and Russia-Ukraine war! The situation became worse when the banks cut rates by 5 percent between September and December. Lira also lost its value against US dollar by 44% and now sits at 18.41 per dollar.
What does this mean?
Well, inflation is not good news, never has been, never will be! A group of economists in Anadolu Agency (AA) projected an average annual rise of almost 61% in consumer prices! Meaning things will become more expensive.
Now I have made myself depressed by covering this news