Turkey’s annual inflation rate surged to 36.1% last month, its highest in the 19 years that President Tayyip Erdogan has ruled, laying bare the depths of a currency crisis engineered by the president’s unorthodox interest-rate-cutting policies.

In December alone, consumer prices took a rare step into double digits, rising 13.58%, Turkish Statistical Institute data showed this week, eating deeper into the earnings and savings of Turks rattled by the economic turmoil...

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