IMF warns of economic impact of Ukraine crisis

Turkey's inflation hit a two-decade high near a whopping 50 per cent in January, official data showed Thursday, as a currency crisis decimated people's purchasing power and complicated President Recep Tayyip Erdogan's path to re-election.

The stronger-than-expected 48.7 per cent rate followed a year-on-year rise of 36.1 per cent in December, according to Turkey's statistics agency, although some independent estimates put the real figure substantially higher.

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The reading came out just days after Erdogan changed the head of the state statistics agency for the fourth time since 2019.

Turkish media reported that Erdogan was unhappy with agency data showing inflation reaching the highest level since his Islamic-rooted party stormed to power two decades ago, complicating his path to re-election.

Turkey's inflation hit a two-decade high near a whopping 50 per cent in January, official data showed Thursday, as a currency crisis decimated people's purchasing power and complicated President Recep Tayyip Erdogan's path to re-election.

The stronger-than-expected 48.7 per cent rate followed a year-on-year rise of 36.1 per cent in December, according to Turkey's statistics agency, although some independent estimates put the real figure substantially higher.

For all latest news, follow The Daily Star's Google News channel.

The reading came out just days after Erdogan changed the head of the state statistics agency for the fourth time since 2019.

Turkish media reported that Erdogan was unhappy with agency data showing inflation reaching the highest level since his Islamic-rooted party stormed to power two decades ago, complicating his path to re-election.