Turkish consumer prices rose more in March than they have in 20 years.

They increased by 61.14 percent compared to the same month last year, as the statistics office announced on Monday.

Previously surveyed experts had even expected an inflation rate of 61.6 percent after it had been around 54 percent in February.

They tend to assume that the inflation rate will still be more than 50 percent at the end of the year - not least as a result of the sharp rise in energy prices after the Russian invasion of Ukraine.

The Turkish central bank is actually aiming for an inflation rate of 5 percent, but according to its own forecast it will still fall well short of this target in the coming year: the increase should then be an average of 8.2 percent.

Inflation has been in the double digits for most of the past five years, eating away at Turkish incomes and savings.

Experts blame the central bank for the development.

Despite the drastic devaluation of the national currency, the lira, it gradually lowered its key interest rate from 19.0 to 14.0 percent in the second half of 2021.

According to most economists, it would have to do the opposite, namely make its own currency more attractive with higher interest rates.

The lira has lost about half its value against the dollar over the past year, fueling inflation.

This is because the country, which is poor in raw materials, imports more goods than it exports.

Imports are often settled in dollars and other currencies.

President Recep Tayyip Erdogan has long held the unusual view that interest rates cause inflation.

Last year he launched a new economic program that prioritizes low interest rates, exports, credit and investment.