Turkey's annual inflation hit a nearly 20-year high of 49%, further undermining people's ability to buy even the most basic things, such as groceries, AP reported.

The Turkish Statistical Institute reported that the consumer price index rose by just over 11% in January from the previous month. According to the data, the annual increase in food prices amounted to more than 55%.

Inflation was the highest since April 2002 in a country that was facing economic turmoil and a currency crisis triggered by a series of interest rate cuts.

President Recep Tayyip Erdogan has declared himself an "enemy" of high interest rates, insisting that they cause inflation, a position that goes against mainstream economic thinking.

Turkey's central bank cut rates by 5 percentage points from September to 14% before pausing cuts in January.