Turkey’s inflation hits 54%, deepening cost-of-living woes

ANKARA, Turkey (AP) — Turkey’s annual inflation rate has further accelerated in February, marking the biggest jump since 2002 and deepening the squeeze on households that are already struggling to purchase basic goods. The Turkish Statistical Institute said Thursday that consumer prices rose 54.44% in February compared with a year ago. The highest yearly price increase was in transportation sector, at 75.75%, while the increase in food prices was 64.47%. Turkish consumers have been hit with rising prices following a series of interest rates cuts last year that triggered a currency crisis.