Inflation in Turkey soars to eye-popping near 70% in April

ANKARA, Turkey (AP) — Official data show that inflation in Turkey has soared to nearly 70% in April, as skyrocketing prices eat away at earnings and put even basic necessities out of reach for many households. The Turkish Statistical Institute said Thursday that consumer prices rose by 69.97% in April compared with the previous year. The annual inflation rate was up from 61.14% in March. Critics blame soaring inflation on President Recep Tayyip Erdogan’s economic policies. The Turkish leader strongly opposes high borrowing costs, insisting that they cause inflation — a position that contradicts established economic thinking.