Türkiye's annual inflation rate jumped to a staggering 67.07% in February, according to the latest data from the Turkish Statistical Institute (TSI).

The monthly inflation rate also rose, reaching 4.53% in February compared to January 2024.

The surge in consumer prices is being driven by several factors, including rising global energy and food prices, a weakening Turkish lira, and ongoing supply chain disruptions.

The most significant annual price increases were seen in the hotels, cafes, and restaurants category, which saw a staggering 94.78% rise. Conversely, clothing and footwear experienced the lowest annual increase, at 43.44%.

On a monthly basis, education saw the highest price increase, rising by 12.76% in February compared to January. Clothing and footwear, on the other hand, witnessed the lowest monthly increase, at only 0.20%.

The Turkish government is facing mounting pressure to address the inflation crisis, which is causing significant hardship for many Turkish citizens. The recent surge in prices is eroding purchasing power and contributing to a general sense of economic unease.

The Central Bank of Türkiye has raised interest rates in an attempt to curb inflation, but these efforts have so far proven ineffective. The government has also implemented some measures to support low-income households, but the overall impact remains limited.

The future trajectory of Türkiye's inflation rate remains uncertain. The ongoing war in Ukraine and other global factors continue to pose significant challenges, and it is unclear when or how the current situation will improve. (ILKHA)