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Turkey on the hyperinflation vanguard

Under pressure from President Recep Tayyip Erdogan, Turkey’s central bank cut interest rates while most of the developing world raised them, sending the Turkish lira into a tailspin.

The lira has lost 31% of its value during 2021 and more than 80% since 2013. With consumer price inflation running at 20% year-on-year as of October, Turkey faces hyperinflation.

Essential imports including more than a hundred categories of medication began disappearing from stores earlier in the fall.