Inflation in Turkey in June skyrocketed to an annual rate of 78.6%, the highest in 24 years.
The inflation rate reported by Turkey’s state statistics agency was the highest since the emerging market suffered a currency meltdown during a global financial crisis in 1998.
Inflation had stood at 73.5% in May and at 15% at the start of last year.
According to the official data, the surge in inflation in June was driven by a jump of 123.4% in the cost of transportation and a 94% increase in non-alcoholic drinks.
The inflation data comes after Turkish authorities last week announced a 30% increase in the minimum wage — just six months after raising the basic rate of pay by 50%.
The Turkish lira has lost 48% of its value against the dollar during the past 12 months. The plunge in the currency has been a major driver of price rises in a country that is reliant on imports, especially energy. The effects have been compounded by a surge in the price of energy and other commodities in the wake of Russia’s invasion of Ukraine.