Inflation in Turkey year on year in April 2022 reached 69.97%. Such data was cited on Thursday by the Turkish Statistical Institute.

At the same time, in January and March of this year, this figure was 48.69% and 61.14%, respectively. Turkish media noted that the January inflation was a record for Turkey since 2002.

At the same time, inflation on a monthly basis decreased from 9.19% in March to 7.67% in April.

Turkish President Tayyip Erdogan said at the end of April that Ankara aims to reduce inflation and expects to receive the results of this work as early as May this year.

Meanwhile, the Central Bank of Turkey in April raised its inflation forecast for the end of 2022 to 42.8 percent from the previously envisaged 23.2 percent, the head of the bank Shahap Kavcioglu told reporters.

The Turkish lira in November last year collapsed by almost a third compared to the beginning of the year. The reason for this is the policy of the Central Bank, which, as it is believed, under pressure from the authorities, continues to reduce the discount rate, which is currently 14%. This is one of the highest levels among developing countries.

Turkish President Recep Tayyip Erdogan sees high interest rates as a serious problem that prevents the authorities from effectively reducing inflation and stopping the fall of the lira. He repeatedly criticized the Central Bank for refusing to lower rates, although the bank explained that this figure is not the main reason for the rise in consumer prices and the depreciation of the national currency. In this regard, the Central Bank is extremely reluctant to reduce rates.