Erdogan faces a major challenge: massive inflation - “control of lira given up”. Turkish consumer prices rose by an average of almost 65 percent in January compared to the same month last year.
From December to January alone, prices rise by 6.7 percent - more than twice as much as in December. The data comes after the surprise resignation of central bank chief Hafize Gaye Erkan last week. Her successor, Fatih Karahan, is expected to continue the restrictive policies.