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Turkish Lira Inflation blows up 70% fueling Bitcoin adoption

by Valhalla Team

The Turkish Lira crashes on Thursday as the nation reports an annual inflation rate of 70%, the highest in over two decades.

Turkey’s Statistical Institute, TurkStat, assessed the annual inflation rate reached 61.14 per cent in March, which is the highest inflation rate in the last two decades.

Consumer goods, food, utility bills and taxes rose significantly. The prolonged economic crisis and energy shortages due to the War in Ukraine have not helped price stability but made it worse.

During the past month, the electricity price increased by 50 per cent, natural gas prices by 35 per cent, sugar by up to 85 per cent, internet prices by 67 per cent and wheat by 22 per cent.

Experts warned that these increases will result in significant hikes in prices of other products, as was seen in March. Experts and independent researchers believe the official don’t believe the official numbers, saying it does not show market realities, due to the government’s control of the statistics agency.

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