Turkey’s annual inflation rate increased again in February, reaching 67.1 percent despite a succession of interest rate hikes, according to official figures released on Monday.
Last month, the Turkish central bank maintained its key interest rate at 45 percent, halting after eight consecutive increases aimed at lowering consumer prices, which had remained constant at 64.9% in January.
Inflation climbed 4.5 percent in February, slower than the 6.7 percent increase seen in January.
Inflation remains a significant concern for President Recep Tayyip Erdogan’s government as it prepares for municipal elections in March.
His ruling AKP party is attempting to regain control of major cities, including Istanbul and the capital, Ankara, which are now held by the main opposition party.
Erdogan stated on Sunday that anti-inflationary actions “will begin to be felt in practice towards the end of the year”.