Turkey’s annual inflation jumped to 69.97% in April, above forecast and at a two-decade high, according to data on Thursday, fuelled by the Russia-Ukraine conflict and rising energy and commodity prices after last year’s lira crash. Reuters reports that the currency slide was triggered by a 500 basis point-easing cycle which began last September under pressure from President Tayyip Erdogan, triggering the sustained surge in consumer prices. Turkey’s soaring cost of living mirrors the economic environments of many countries, including here at home.
