Inflation in Turkey Soars to Near 70%

    Photo: Getty Images [via NBC News]

    The Facts

    • Inflation in Turkey jumped to 70% in Apr., the greatest year-on-year increase in two decades. Inflation rose from 61.14% the month before, and Turkish consumer prices rose by 7.25% in Apr., according to the national statistics agency.

    • Russia's invasion of Ukraine and last year's lira crash have fueled the jump, with data suggesting energy prices are up over 100% and food and non-alcoholic drinks prices have increased by just short of 90%.

    The Spin

    Narrative A

    Spiralling inflation isn't specific to Turkey. Besides, it's temporary and is expected to begin to recede starting in May. The government has implemented tax cuts on basic goods and adjusted electricity tariffs to mitigate the effect of the cost of living crisis for Turkish households

    Narrative B

    The central bank's response to this dizzying crisis is too little too late. Erdogen has made repeated empty promises to act on price increases that have been plaguing citizens for months.

    Nerd narrative

    There is a 50% chance that Turkey's average inflation rate will be at least 17.5% between 2022 and 2024, according to the Metaculus prediction community.

    Articles on this story

    Sign up to our daily newsletter