In Turkey, the annual inflation rate in December 2021 rose to its highest level since 2002: the consumer price index increased by 36.08%. The Institute of Statistics of Turkey informs about it.
“On a monthly basis, the increase was 13.58%. The price index for domestic products for the same period added 79.89% on an annualized basis and 19.08% on a monthly basis […] The indicator of 36.08% is the highest since October 2002”, the experts said.
Recall that during 2021, the national currency of Turkey – the lira – has lost more than half of its value. By mid-December last year, the exchange rate dropped to a historic low – for 1 US dollar you had to pay up to 18.41 lira.
Turkish President Recep Tayyip Erdogan urged the citizens of the country to keep their savings in lira. Ankara, in turn, adopted a package of measures to protect the population’s savings from fluctuations in the exchange rate, which made it possible to strengthen the national currency at 13.32 lira per dollar.