Turkey's annual inflation rate accelerated further in February, reaching its highest level since 2002, AP reports.

The Turkish Statistical Institute reported that consumer prices rose 54.44% in February compared to last year. This is more than in January (49%)

In comparison, annual inflation increased by a record 5.8% in the 19 euro-using countries in February and by 7.5% in the US in January, the highest rate in 40 years.

According to the data, in Turkey, the highest annual price increase was recorded in the transport sector - 75.75%, while the increase in food prices was 64.47%.

Turkish consumers have been hit by rising prices following a series of interest rate cuts last year, triggering a currency crisis.

President Recep Tayyip Erdogan strongly opposes the high cost of borrowing, insisting that it causes inflation, a stance that goes against mainstream economic thinking.

Turkey's central bank cut rates by 5 percentage points from September to 14% despite strong inflation before pausing them in January and February. The Turkish lira lost 44% of its value against the US dollar last year.

In an attempt to alleviate the situation, the government last month cut the value-added tax on basic foodstuffs to 1% from the previous 8%.

It has also introduced a number of measures to cut rising electricity bills.