Inflation in Turkey has surpassed 60 percent, a 20-year high. Russia's attack on Ukraine has made things worse for an economy that was already struggling, and life is becoming more difficult for ordinary people.
The Turkish Statistical Institute announced on Monday that the consumer price index surged more than 61 percent in March from a year earlier, the highest since 2002.
Turkey gets about 40 percent of its natural gas from Russia. Local media say the war in Ukraine is driving up energy costs, a trend that is set to continue.
The government has been trying to ease the burden on citizens. It has slashed the value-added tax on some goods, including food.
Prices were surging even before Russia attacked Ukraine. The central bank cut interest rates repeatedly last year, in line with the policy of President Recep Tayyip Erdogan.
As a result, the value of the Turkish currency, the lira, has crashed against the dollar, adding to the inflation woes.
The Turkish Statistical Institute announced on Monday that the consumer price index surged more than 61 percent in March from a year earlier, the highest since 2002.
Turkey gets about 40 percent of its natural gas from Russia. Local media say the war in Ukraine is driving up energy costs, a trend that is set to continue.
The government has been trying to ease the burden on citizens. It has slashed the value-added tax on some goods, including food.
Prices were surging even before Russia attacked Ukraine. The central bank cut interest rates repeatedly last year, in line with the policy of President Recep Tayyip Erdogan.
As a result, the value of the Turkish currency, the lira, has crashed against the dollar, adding to the inflation woes.
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Summary
Turkey's inflation surpassed 61% in March, a 20-year high, worsened by Russia's attack on Ukraine. The Turkish economy is struggling, with rising energy costs due to the conflict, particularly affecting natural gas imports from Russia. The government has reduced VAT on certain goods to ease
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ID: 624be04c-60d4-490f-bed4-5d7ec0a80b98
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20220405_12/
Date: April 5, 2022
Created: 2022/04/05 15:23
Updated: 2025/12/09 17:11
Last Read: 2022/04/05 15:23