Turkey's prices have risen at the fastest rate in 24 years.

According to the most recent official statistics, Turkey's prices are increasing at an unprecedented rate of 24 years.

Turkey's prices have risen at the fastest rate in 24 years.

According to the most recent official statistics, Turkey's prices are increasing at an unprecedented rate of 24 years.

Inflation, or the rate at which prices rise annually, was slightly higher than expected in June.

Housing and transport costs saw the most severe price increases, made worse by the Ukraine conflict.

Since last year's Turkish president cut interest rates in an effort to stimulate the economy, inflation has risen.

In an effort to reduce inflation, countries tend to raise interest rates. However, President Recep Tayyip Erdan has called interest rates "the mother and father to all evil" and has taken unconventional measures to lower prices. He has also intervened in foreign exchange markets.

The Turkish Lira's value has fallen since last year's interest rate cuts from 19% to 14%. This means that it is more expensive for Turkey to import goods from overseas.

According to the latest inflation figures transportation experienced the largest increase in costs with 123% growth over the last year.

Prices rose by 94% for food and non-alcoholic drinks, and 81% for household equipment.

The total inflation rate was at its highest level since September 1998 when it was 80.4%. Turkey was trying to end a decade with high inflation.

Businesses are finding it difficult to cope with high inflation rates.

Volkan Yorulmaz is the general manager at Kemer Holiday Club Antalya. He said, "I have never experienced a season as this before." "I cannot budget my spending because the cost of living changes every day. The all-inclusive model is no longer viable.

"Over half of our guests are from Russia and Ukraine so the start of the season was somewhat problematic without them.

"Turkish people want to go on holiday. To make it more affordable, they use credit cards or pay in installments.

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