Data showed today, Monday, that the annual inflation rate in Turkey jumped much more than expected to 36.08% on an annual basis last December, to reach its highest level since September 2002 after the collapse of the value of the lira last year.

The Turkish Statistical Institute said the consumer price index rose 13.58% on a monthly basis, compared to expectations in a Reuters poll of 9% and annual expectations of 30.6%.

The data showed that the producer price index rose 19.08% on a monthly basis in the previous December, to rise on an annual basis to 79.89%, in a reflection of a jump in import prices.

The Turkish lira fell 5% today, Monday, after it witnessed its worst performance in nearly 20 years in 2021, with continued fears of high inflation and an unconventional monetary policy.

The Turkish currency fell to 13.92 lira to the dollar, after it closed last Friday at 13.1875 lira to the dollar.