Turkey’s inflation hits a 19-year high of 36%

ANKARA, Turkey (AP) — Official figures show that Turkey’s yearly inflation has climbed by the fastest pace in 19 years, jumping to 36.08% in December. The Turkish Statistical Institute said Monday that the consumer price index increased by 13.58% in December from the previous month, further eroding peoples’ purchasing power. The yearly increase in food prices was 43.8%, the data showed. The yearly inflation rate was the highest since September 2002. Meanwhile, the independent Inflation Research Group, made up of academics and former government officials, put the yearly inflation rate at a much higher 83%. It said consumer prices rose by 19.35% in December compared with November.