Data puts Turkey’s annual inflation at 73.5%, a 24-year high

ANKARA, Turkey (AP) — Official data show annual inflation in Turkey hit 73.5% in May as a cost-of-living crisis in the country deepens. The Turkish Statistical Institute reported Friday that the inflation rate represented an increase of almost 70% from the month before and was the highest since 1998. While many countries are seeing a rise in consumer prices, critics blame Turkey’s problems on President Recep Tayyip Erdogan’s economic policies. The Turkish leader advocates lowering interest rates to boost growth and exports. The Statistical Institute said consumer prices were up nearly 3% from April. The sharpest increases were in the transportation sector, followed by food and non-alcoholic drinks.