Turkey’s Inflation Surges Nearly 80 Percent in July, Experts Warn It May Not yet Have Peaked

A worker arranges fruit for sale a food market in Ankara, Turkey on June 3, 2022. Annual inflation in Turkey hit 73.5 percent in May, according to official data released by the Turkish Statistical Institute, as a cost-of-living crisis in the country deepens. AP Photo/Burhan Ozbilici

Annual inflation in Turkey rose to a fresh 24-year high in July, as the country’s currency, the lira, continues to weaken and the cost of living surges across the nation, official data revealed on Aug. 3.

The Turkish Statistical Institute stated that consumer prices rose by 79.6 percent from a year earlier, and were up by 2.37 percent month-over-month.