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Turkey’s inflation rate hits 73.5 percent

Turkey’s annual inflation rose to 73.5 percent in May, its highest rate in 24 years.

Among the most affected sectors are transportation, where prices rose 107.6 percent year on year, and food, where costs increased by 91.6 percent, according to data from the Turkish Statistical Institute released Friday.

It’s Turkey’s highest level of inflation since 1998, a year before the country adopted a comprehensive IMF-backed disinflation program.

Turkey’s central bank has refused to raise interest rates despite inflation, keeping them unchanged for over five months.

President Recep Tayyip Erdoğan is particularly opposed to the measure, saying in late May: “Those who try to impose on us a link between the benchmark rate and inflation are either illiterates or traitors.”

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