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Turkey’s annual inflation soars to almost 79%, hitting highest level in 24 years

Shoppers stroll the aisles of a bazaar in Konya, Turkey. The country is experiencing brutal inflation, with food and non-alcoholic beverage prices rising 70.3% year over year for March.
Diego Cupolo | Nurphoto | Getty Images

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 Statistical Institute, surpassing forecasts.

Soaring consumer prices have hit the population of 84 million hard, with little hope for improvement in the near term as a result of the Russia-Ukraine war, high energy and food prices, and a sharply depreciated lira, the national currency.

Transportation prices jumped 123.37%, and food and non-alcoholic beverage prices climbed 93.93%, according to government data.

High U.S. gasoline prices weigh on demand as consumers start to feel the pinch, says analyst

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