Turkey
Turkey iStock

Inflation in Turkey skyrocketed to almost 80 percent in July, with consumers being jolted by soaring costs for food, energy and housing.

The Turkish Statistical Institute reported an increase in consumer prices of 79.6 percent from the same period in 2021, an increase of one percent from June numbers, according to the Associated Press.

Turkey’s central bank has been lowering interest rates since September, bringing the rate to 14 percent, a 5 percent decrease in that time. The move has caused the country’s currency to plummet even further from last year, when it lost 44 percent of its value against the US dollar.

Central banks in the rest of the world have all been moving to raise rates to fight worldwide inflation.

Average inflation for June was close to 9 percent in the EU and a four decade record of 9.1 percent in the US.