In March 2022, Turkey’s annual inflation rate rose by 5.46% to 61.14%, a rate last seen in 2002, before President Recep Tayyip Erdogan came to power.
The wholesale price index rose by 115% year-on-year, transport prices by 99%, food and non-alcoholic beverages by 70% and furniture by 69%.
The country’s authorities claim that inflation will fall below 10% next year, when the impact of the new economic program begins to affect. At the same time, analysts believe that the main cause of inflation is precisely the policy pursued by the government, accompanied by gross interference with the policy of the country’s central bank.