The rise in consumer prices reached 36,08% year-on-year in December in Turkey, a record high since September 2002 due to the collapse of the Turkish pound, according to official figures released today.
Inflation is seven times higher than the government's original target, explained by the sharp fall of the Turkish pound, which has lost 45% of its value against the dollar on an annual basis.
Inflation, which reached 21,31% in November, has become an explosive political issue in Turkey, eighteen months before the June 2023 presidential election.
In recent months, the Turkish opposition has accused the National Statistical Service of deliberately underestimating inflation and rising prices.
For Turkish citizens, the collapse of the pound translates into a spike in prices, with the country dependent on imports, mainly for raw materials and energy.
After weeks of historic losses, the Turkish pound recovered in mid-December amid urgent measures announced by President Tayyip Erdogan and massive dollar sales, but the Turkish currency has been falling against the dollar again for a week.
Source: RES-EAP