Istanbul: It emerged that Turkey’s annual inflation rate jumped to a 24-year high of 73.5% in May, shot up by the war in Ukraine. Inflation has surged since last autumn when the lira collapsed after the central bank started a 500 basis-point easing cycle sought by President Tayyip Erdogan. Month-on-month consumer prices rose 2.98%, the Turkish Statistical Institute (TUIK) said on Friday. Transport and food costs have soared by 108% and 92% respectively over the last year.
