Istanbul: Turkey’s annual inflation rate jumped to a 24-year high of 78.62 per cent in June, data showed on Monday, just above forecast, driven by the impact of the Ukraine war, soaring commodity prices and a slide in the lira since a December crisis.
Inflation has surged since last autumn, when the lira slumped after the central bank gradually cut its policy rate by 500 basis points to 14 per cent, in an easing cycle sought by President Recep Tayyip Erdogan to boost economic growth.