Istanbul, Mar. 3, (dpa/GNA) – Turkey’s annual inflation rate hit a 20-year high of 54.44% in February, according to government data.

Consumer prices were up by 4.81% in February compared to a month ago, the Turkish Statistical Institute (TurkStat) said on Thursday.

Transportation, home appliances and foodstuffs were among the items that saw the largest year-on-year increases, TurkStat said.

Separately, producer prices surged 7.22% in February compared to the previous month, the office said. In the previous year, they were up 105%.

Turkey’s annual inflation stood at 52.7% back in April 2002, shortly before President Recep Tayyip Erdogan’s ruling party came to power and in the wake of a domestic financial crisis.

Now in the throes of a renewed economic crisis, Turkish households are struggling with diminishing buying power and a weak lira as well as high debt and unemployment.

Protests erupted last month in major Turkish cities, including Istanbul and the capital Ankara, against energy price hikes.

GNA

Istanbul, Mar. 3, (dpa/GNA) – Turkey’s annual inflation rate hit a 20-year high of 54.44% in February, according to government data.

Consumer prices were up by 4.81% in February compared to a month ago, the Turkish Statistical Institute (TurkStat) said on Thursday.

Transportation, home appliances and foodstuffs were among the items that saw the largest year-on-year increases, TurkStat said.

Separately, producer prices surged 7.22% in February compared to the previous month, the office said. In the previous year, they were up 105%.

Turkey’s annual inflation stood at 52.7% back in April 2002, shortly before President Recep Tayyip Erdogan’s ruling party came to power and in the wake of a domestic financial crisis.

Now in the throes of a renewed economic crisis, Turkish households are struggling with diminishing buying power and a weak lira as well as high debt and unemployment.

Protests erupted last month in major Turkish cities, including Istanbul and the capital Ankara, against energy price hikes.

GNA