The Turkish lira slid to 15.03 against the dollar on Monday, hitting a record low. Since 2021, the Turkish lira has fallen nearly 60% against the dollar amid the highest inflation in the United States in a long time.
Turkey’s central bank intervened in the market this morning, but was unable to prevent the lira from falling in value.
The National Bureau of Statistics of Turkey announced that the Consumer Price Index (CPI) increased by 69.97% year-on-year in April. This was the highest level in 20 years, and on a monthly basis, the CPI increased by 7.25% in April.
The spike in inflation in April was driven by a rebound in food prices and transport costs.
In addition, the Statistical Office announced that the producer price index (PPI) increased 121.82% year-on-year and 7.67% month-on-month in April.