Turkiye’s annual inflation hit 79.6 percent in July, the highest level in 24 years, according to official data on Wednesday.
Consumer prices increased by 2.37 percent month-on-month in July, the Turkish Statistical Institute announced, adding that the annual rate of consumer price was 78.6 percent in June.
The highest annual price surge was in the transportation sector with 119.11 percent.The cost of food and non-alcoholic drinks increased 94.65 percent, while furnishings and household equipment prices were up 88.35 percent.
The domestic producer price index climbed 5.17 percent month on month in July, with an annual rise of 144.61 percent.
The country is undergoing financial woes unseen in decades, with the Turkish lira plunging since the outbreak of the COVID-19 pandemic. The Russia-Ukraine conflict also worsened the situation, pushing energy prices to new highs.
Despite high inflation, Turkiye did not raise interest rates as many monetary authorities did to counter inflation.
Turkish President Recep Tayyip Erdogan is an advocate of low-interest rates, insisting that the move will ease the burden on investments amid the rising inflation.