Inflation in Turkey hits 70% in April

Russia’s invasion of Ukraine has led to growing gas, oil and grain prices which have hit Turkey especially badly because the country relies heavily on imports.

In this photo provided by the Saudi Media Ministry, Turkish President Recep Tayyip Erdogan, left, has traditional Arabic coffee, or Saudi coffee as it's also known, with Saudi Arabia's King Salman, right, at a palace in Jiddah, Saudi Arabia, Thursday, April 28, 2022. Erdogan is visiting Saudia in a major reset of relations between two regional heavyweights following the slaying of a Saudi columnist in Istanbul. The Turkish presidency said talks in Saudi Arabia will focus on ways of increasing co
Image:President Recep Tayyip Erdogan expects inflation to start coming down in May. Pic: AP
Why you can trust Sky News

Inflation in Turkey has hit nearly 70% in April amid skyrocketing prices.

qatar airways

Critics blame surging prices on President Recep Tayyip Erdogan‘s economic policies, which have seen interest rates lowered to boost growth and exports.

In contrast to most economists, the Turkish leader has opposed higher borrowing costs because he says they cause inflation.

In countries like the UK and US, leaders have used increased interest rates to combat inflation.

The UK’s inflation rate was 7% in the year to March, while the Bank of England raised its base rate to 1% last week.

Turkey’s central bank cut interest rates by 5% from September to January. The figure is now 14%.

The Turkish lira lost 44% of its value against the US dollar in 2021.


  • Saudi journalist Jamal Khashoggi - pictured in 2014. Pic: AP

    Jamal Khashoggi: Turkey agrees to move murder trial to Saudi Arabia

  • Prince Andrew has denied the allegations against him

    Prince Andrew named in High Court ruling on case featuring elderly woman and Turkish businessman

  •  Turkey began selling TB2 drones to Ukraine in 2019 and independent estimates suggest the number of TB2s in Ukraine between 20 and 50. Pic: AP

    Ukraine war: Cheap but ‘lethal’ Turkish drones are helping Ukrainian forces carry out ‘unexpectedly successful attacks’ against Russia

Russia’s invasion of Ukraine has led to growing gas, oil and grain prices, which have hit Turkey especially badly because the country relies heavily on imports.

In the transport sector, prices have gone up by 106%, followed by an increase of 89% for food and non-alcoholic drinks, according to the Turkish Statistical Institute.

The government has cut taxes on essential goods and adjusted energy prices.

Mr Erdogan said he expects inflation to start to come down in May.