Turkey inflation spirals to nearly 70 percent in April ...Kuwait

Turkey's official inflation rate spiralled to nearly 70 percent in April, data showed on Thursday, posing a huge challenge to President Recep Tayyip Erdogan, whose unconventional economic policies are often blamed for the economic turmoil. The consumer price index rose by 69.97 percent year-on-year in April compared with 61.14 percent in March, the national statistics agency said. Erdogan insists that sharp cuts in interest rates are needed to bring down soaring consumer prices, flying in the face of economic orthodoxy. The collapse of the lira has pushed up the cost of energy imports and foreign investors are now turning away from the once-promising emerging market.

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Last updated : 05 May 2022 clock 01:01 PM

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Turkey inflation spirals to nearly 70 percent in April ...Kuwait

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