Inflation in Turkey hits 20-year high of nearly 49%

ANKARA, Turkey (AP) — Turkey’s annual inflation came in at nearly 49%, hitting a nearly 20-year high and further eroding people’s ability to buy even basic things like food. The Turkish Statistical Institute said Thursday that the consumer price index increased by just over 11% in January from the previous month. The data shows that the yearly increase in food prices was more than 55%. The inflation rate was the highest since April 2002. The country is facing an economic upheaval and currency crisis, triggered by a series of interest rate cuts pushed by President Recep Tayyip Erdogan.