Annual inflation in Turkiye accelerates to 54.44%

Annual inflation in Turkiye in February accelerated to 54.44% from 48.69% a month earlier, according to the country’s Turkish Statistical Institute, Report informs referring to Turkish media.

"Inflation in Turkiye in annual terms accelerated in February to 54.44%," he said.

At the same time, in February alone, the growth of consumer prices in Turkiye amounted to 4.81%.

Last year, after several consecutive cuts in the discount rate of the Turkish Central Bank, the depreciation of the lira accelerated sharply, which negatively affected the country's financial system. Annual inflation accelerated to 36% against the backdrop of fluctuations in the lira exchange rate.

The collapse of the Turkish lira on November 23 by 18% was the highest in the last 20 years. The dollar exchange rate reached a record 18.4 lira on December 20, while in January last year it was worth 7.4 lira.