Turkey Inflation Hits Highest in 24 Years, CPI Increases Almost 80 Percent Annually

Turkey's President Recep Tayyip Erdogan made a statement after the cabinet meeting with the agenda of Russia and Ukraine in Ankara, Turkey, on Feb. 28, 2022. Presidential Press Office via dia images via Getty Images

Inflation in Turkey has hit multi-decade highs as policies implemented by President Tayyip Erdogan continue to take a toll on the country’s economy.

The Consumer Price Index (CPI), a measure of inflation, rose by 78.62 percent annually and 4.95 percent monthly in June, according to a July 4 press release by the Turkish Statistical Institute. This is the highest annual rate of inflation since September 1998 when it hit 80.4 percent. On a monthly basis, transportation costs rose by 10.59 percent, housing by 8.34 percent, and food and non-alcoholic beverages by 2.09 percent.