Turkey's inflation surges to 20-year high of 70% in April

Turkey's annual inflation jumped to 69.97% in April, according to data on Thursday, above forecast and at a two-decade high, fuelled by the Russia-Ukraine conflict and rising commodity prices after a lira crash late last year.

Month-on-month, consumer prices rose 7.25%, the Turkish Statistical Institute said, compared to a Reuters poll forecast of 6%. Annually, consumer price inflation was forecast to be 68%.

The domestic producer price index climbed 7.67% month-on-month in April for an annual rise of 121.82%.