Turkish inflation hits 23-year high of 73.5%

Turkey’s official inflation rate hit a 23-year high last month as President Recep Tayyip Erdoğan’s unorthodox strategy for managing the country’s $790bn economy continued to backfire.

The consumer price index rose 73.5 per cent year on year in May, according to data from the country’s statistical agency, the highest level since October 1998 when Turkey was reeling from a period marred by unstable coalition governments and…