Daily Times

ANKARA: Turkey’s annual inflation rose by 54.44 percent in February, the highest since 2002, the Turkish Statistical Institute announced on Thursday.

The country’s consumer prices soared 4.81 percent month on month in February, according to the data. Meanwhile, the producer price index increased by 7.22 percent on a monthly basis, with an annual rise of 105.01 percent. In February, the highest annual price increase was in transport with 75.75 percent, followed by furnishings and household equipment with 64.83 percent, and food and non-alcoholic beverage with 64.47 percent.

The country’s annual inflation rate was 48.69 percent in January. Turkey has been struggling with elevated inflation, which puts pressure on its population with rising living costs. The economists predicted that the country is likely to live with high inflation throughout 2022.