Turkey’s annual inflation rate hit a 24-year high of 73 per cent in May, data revealed on Friday, as the country battles Russia-Ukraine war-induced inflation, high energy prices and a tumbling lira that has not recovered since December last year.

Turkey’s annual inflation spirals to 24-year high at 73%

The Turkish currency lira hai weakened to an all-time low against the USD. 1$ is approximately 10 Lira. The depreciation of the Turkish Lira hai gained pace over the last 2 months due to the monetary policy of Turkey's central bank.

Turkey: Lira depreciation gained pace in last 2 months

Hobbled by restrictions on his tobacco shop, Ozgur Akbas helped organize a demonstration in Istanbul last month to protest what he called unfair rules imposed on merchants during the pandemic.

Battered Turkish economy puts a powerful Erdogan to the test

Under Erdogan, Turkey has suffered tremendously. With declining foreign reserves, falling exports, a weak currency, and growing isolation, the Turkish economy is heading towards a downward spiral.

What Erdogan's misadventures mean for the Turkish economy

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turkish economy

Turkey’s annual inflation spirals to 24-year high at 73%

Turkey: Lira depreciation gained pace in last 2 months

Battered Turkish economy puts a powerful Erdogan to the test

What Erdogan's misadventures mean for the Turkish economy