Turkish inflation soars, lira falls to record low

Soaring inflation in Turkey is having devastating effects on the economy. The country's currency has dropped to an all-time low against the US dollar, threatening to further erode consumers' purchasing power.

President Recep Tayyip Erdogan's remarks on Monday triggered the latest plunge. He expressed support for a central-bank decision to cut a key interest rate for a third straight month.

The lira posted a 15-percent, single-day drop to a record low on the following day.

Concerns are growing that imports and other items will become even more expensive, now that inflation is running near 20 percent.

Scuffles broke out in Istanbul on Wednesday between police and protesters demanding Erdogan's resignation.

Vehicles formed long lines at gas stations in the capital Ankara.

Erdogan argues that high interest rates hurt the economy, despite the public anger and pleas to reverse course.