Inflation in Turkey accelerated in March to over 60%

Annual inflation in Turkey in March accelerated to 61.14% from 54.44% a month earlier, according to the country’s Institute of Statistics, Report informs citing Turkish media.

In February alone, the growth of consumer prices in Turkey amounted to 5.46%.

Last year, after several consecutive cuts in the discount rate of the Turkish Central Bank, the depreciation of the national currency accelerated sharply, which negatively affected the country’s financial system, and annual inflation accelerated to 36% against the backdrop of fluctuations in the lira exchange rate.

The collapse of the Turkish lira on November 23 by 18% was the highest in the last 20 years. The dollar exchange rate reached a record 18.4 lira on December 20, while in January last year it was worth 7.4 lira.

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