Turkey’s annual inflation in December accelerated to its highest level in 19 years, official data showed on Monday.
Consumer prices rose 36.08%, the highest reading since September 2002, up from 21.31% in November, the Turkish Statistical Institute (TurkStat) said. The reading exceeded market forecasts of around 30.6%, with staples such as transportation and food and drink rising even faster.
The yearly inflation rate was the highest since September 2002.
In December alone, the consumer price index (CPI) took a rare step into double-digits at 13.58%, the data showed.
Reflecting soaring import prices, December’s producer price index (PPI) rose 19.08% month-on-month and 79.89% year-on-year.
Annual consumer prices were led higher by transport prices, which soared 53.66% year-on-year, while heavily weighted food and drink prices jumped 43.8%.
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