Turkiye’s annual inflation hits 20-year-high 61.14% in March

Yearly inflation in Turkiye hit 61.14 per cent in March, climbing to a new 20-year high, according to Turkish Statistical Institute (TurkStat), which recently said the figure was 54.4 per cent in February and 16.19 per cent in March 2021. Clothing and footwear (26.95 per cent) was among the sectors that witnessed the lowest annual increases.

The highest annual price increase last month was seen in transportation with 99.12 per cent, followed by food and nonalcoholic beverages at 70.33 per cent and furnishing and household equipment at 69.26 per cent.

The country’s monthly inflation rate was 5.46 per cent in March, up from 4.81 per cent in February. The highest monthly increase was 13.29 per cent in transportation among the main groups, while clothing and footwear posted the lowest inflation with 1.78 per cent, TurkStat said.

Yearly inflation in Turkiye hit 61.14 per cent in March, climbing to a new 20-year high, according to Turkish Statistical Institute (TurkStat), which recently said the figure was 54.4 per cent in February and 16.19 per cent in March 2021. Clothing and footwear (26.95 per cent) was among the sectors that witnessed the lowest annual increases.

Treasury and finance minister Nureddin Nebati said the government is taking steps to ‘permanently reduce’ inflation and maintain price stability in a sustainable way, Turkish media reported.

“Stability was achieved in the exchange rate, which is one of the most important determinants of inflation, within free-market conditions. With the steps we will take, we will see that inflation will reach a reasonable level by the end of the year,” he added.

Fibre2Fashion News Desk (DS)