Turkey’s inflation climbs to 68.5% despite continued rate hikes

A money changer holds Turkish lira and US dollar banknotes at a currency exchange office in Ankara, Turkey, December 16, 2021.

Cagla Gurdo─čan | Reuters

Turkey’s annual inflation reached 68.5 percent for March, up from 67.1 percent in February, according to the Turkish Statistical Institute’s report released Wednesday.

The monthly increase in consumer prices amounted to 3.16%, driven by education, communication and hotels, restaurants and cafes, which experienced monthly increases of 13%, 5.6% and 3 .9% respectively.

On an annual basis, education again saw the highest cost inflation at 104% year-on-year, followed by hotels, restaurants and cafes at 95% and healthcare at 80%.

Turkey has launched a concerted effort to combat soaring inflation by raising interest rates, most recently raising the country’s benchmark rate from 45% to 50% in late March.

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