Turkey Officials Say Inflation Jumped 36 Percent Amid Ongoing Lira Woes

Turkish lira banknotes are seen in this illustration taken in Istanbul, Turkey, on Nov. 23, 2021. Murad Sezer/Illustration/Reuters

Turkey’s annual inflation soared to its highest level in 19 years in December 2021, according to data from the Turkish Statistical Institute published on Monday.

The country’s annual inflation jumped to 36.08 percent year-on-year in December, the highest since September 2002, just months before President Tayyip Erdogan’s AK Party first took office, and far exceeding the annual inflation forecast of 30.6 percent.