Turkey’s annual inflation rises to almost 79%

Shoppers walk through the hallways of a bazaar in Konya, Turkey. The country is experiencing brutal inflation, with food and non-alcoholic beverage prices rising 70.3% year-on-year for March.

Diego Cupolo | Nurphoto | Getty pictures

Inflation in Turkey rose close to 79% last month, the highest the country has seen in a quarter of a century.

The annual inflation rate was 78.62% for June, according to the Turkish Statistics Institute, and exceeds forecasts.

High consumer prices have hit the population of 84 million hard, with little hope of improvement in the short term as a result of the war between Russia and Ukraine, high energy and food prices and a sharply weakened lira, the national currency.

Transport prices jumped by 1[ads1]23.37%, and prices for food and non-alcoholic beverages rose by 93.93%, according to government data.

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