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Turkey has suffered to varying degrees from previous crises, but is now facing a more serious one, Turkish Foreign Minister Mevlut Cavusoglu told members of the ruling Justice and Development Party on Saturday, Ahval reported.

"Today our people are facing high inflation, rising prices and rising cost of living. We do not deny this, these are facts. But these crises deeply affect the whole world," Cavusoglu said.

Cavusoglu also accused the country's opposition of using the economic crisis "to create discontent."

Turkey's inflation rate was 73.5 percent in May, and the lira has already lost about 20 percent of its value in 2022 after losing 40 percent of its value last year.

Turkey's Independent Inflation Study Group (ENAG) estimated inflation at 160.8 percent in May, saying it could accelerate to more than 200 percent.

The country's official unemployment rate is 11.3 percent, while the unemployed labor force was 21.7 percent in April, according to the Turkish Institute of Statistics. Meanwhile, researcher Gizem Ozkan found that 28.5% of Turkey's poor work for a daily wage, another 24% are self-employed, and 32% do unpaid housework.

The COVID-19 pandemic has led to a sharp increase in poverty and working poverty in Turkey, the scientist found.

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