Consumer price inflation in Turkey could rise to 90 percent by the end of this year, reaching its highest level since the crisis of the 1990s, Dutch financial firm ING Group said.

Inflation in the country accelerated to 79.6% year-on-year in July from 78.6% in June, according to official data released on Wednesday.

The Turkish lira has lost more than a quarter of its value this year, pushing up the price of imported goods and materials. The lira fell amid sharp global inflation driven by higher commodity prices and supply constraints, exacerbating price pressures in Turkey. The lira fell 44 percent in 2021 after the central bank cut interest rates despite rising inflation.

ING's forecast was almost in line with that of Goldman Sachs, which sees inflation around 90% in October or November.

On Thursday, the Turkish lira fell 0.2% to 17.95 per dollar.

The standard of living of most Turks is falling due to rising prices. According to public opinion polls, many have lost confidence in official data. The difference between the official figures and those provided by other sources has widened markedly in recent months.

On Monday, a business group in Istanbul reported a 99.1% annual increase in the cost of living in Turkey's largest city, up from 94.2% in June. This was the largest gap between inflation in Istanbul and national data on record. The ENAG Group, made up of academics who claim they use virtually the same method and basket of goods to calculate inflation as the government, said on Wednesday that annual inflation has accelerated to 176 percent.