Turkey's Inflation Hits 36% Amid Financial Turmoil

Turkey&#039;s annual inflation rate has soared to a 19-year high, underlining the country&#039;s financial turmoil and alarm over its president&#039;s policies. <br />Prices hit more than 36% in December as the cost of transport, food and other staples ate into household budgets. <br />Most central banks raise interest rates to help cool inflation but Turkey has gone the other way. <br />The lira shed 44% of its value against the dollar last year and fell another 5% on Monday before recovering to trade flat. <br />The drop in the lira has made the price of inflation-fuelling imports more expensive, ranging from energy to many of the raw materials Turkey&#039;s manufacturers turn into exports.