Data puts Turkey’s annual inflation at 78.6%, a 24-year high

ISTANBUL (AP) — Annual inflation in Turkey hit 78.62% in June, the highest rate since 1998. The Turkish Statistical Institute released the monthly figures on Monday. Turkey is experiencing a deepening cost-of-living crisis. Consumer prices rose by 4.95% on a monthly basis, the institute reported. While many countries are seeing rising consumer prices, critics blame Turkey’s problems on President Recep Tayyip Erdogan’s economic policies. The Turkish leader insists that high borrowing costs cause inflation — a position that contradicts established economic thinking — and advocates lowering interest rates to boost growth and exports. Some economists believe the real inflation rate is more than twice the official figure.