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Consumer prices in Turkey soared nearly 70% in April from a year ago, hitting a two-decade high, official figures show.

Transport, food prices and household furnishings recorded the sharpest rise in annual inflation, with transport costs more than doubling over the year.

Countries around the world are dealing with a growing cost of living crisis.

But Turkey's problems have been made worse by its president's reluctance to raise interest rates - a commonly used tool to help cool inflation.

The cost of food and non-alcoholic drinks saw an annual increase of 89.1%, while furnishings and household equipment were up 77.64%.

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Turkey has seen a collapse in the value of the lira, as President Recep Tayyip Erdogan prioritises exports over currency stability.

Mr Erdogan has described interest rates as "the mother and father of all evil," and has used more unorthodox policy to try to dampen prices including intervening in foreign exchange markets.

The Turkish president overhauled the country's central bank's leadership last year and the bank has slashed rates to 14% from 19% since September.

In April it kept rates steady for the fourth month in a row, despite soaring inflation.

Timothy Ash, emerging markets strategist at BlueBay Asset Management, said there had been a "spectacular failure of monetary policy in Turkey".

"Low interest rates cause inflation. Period. Fact. The reality," he said in a note to clients, accusing Mr Erdogan of "trying to re-write economics to say the opposite which is the economics equivalent of calling the earth flat".

Jason Tuvey, emerging markets economist at Capital Economics, said there were "no signs that policymakers are about to shift tack and hike interest rates" and predicted inflation would remain around the current high rates for much of this year.

Prices are rising quickly around the world, due to factors including Covid-related supply shortages and the war in Ukraine, which has driven energy and food prices higher.

Many countries have responded by raising interest rates to encourage people and companies to borrow and spend less, with the aim of limiting inflation.

On Wednesday the US central bank announced its biggest interest rate increase in more than two decades.

Countries including India and Australia have also hiked rates. The Bank of England will announce on Thursday whether it will raise the interest rate or keep it on hold.