Inflation in Turkey hit a new 20-year high, reaching 61.14% in March, fueled by rising energy and commodity prices and the impact of the Russia-Ukraine conflict.

On a monthly basis, consumer prices rose 5.46%, just below the Reuters poll forecast of 5.7%.

Inflation has skyrocketed since last fall when the currency plummeted after the country’s central bank began a cycle of quantitative easing policy, “enforced” by Recep Tayyip Erdogan.

The central banker, Sahap Kavcıoglu, has stated that the support of the lira will be a central goal this year, without, however, saying he planned to tighten monetary policy. The central bank hopes to reverse the situation by taking de-dollarisation measures.

The Turkish lira lost 0.15% of its value, at 14.715 against the dollar, after the announcement of inflation data. The Turkish currency fell 44% in 2021 and another 10% this year.

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