Turkey's annual inflation rate increased to 54.44 percent in February, the highest level since 2002, according to the country's Statistical Institute.

Consumer prices in the country rose 4.81 percent month over month in February, statistics showed. The producer price index climbed by 7.22 percent on a monthly basis, with an annual increase of 105.01 percent. The largest yearly price rise in February was 75.75 percent, followed by 64.83 percent for furnishings and domestic equipment and 64.47 percent for food and non-alcoholic beverages.

In January, the country's annual inflation rate was 48.69 percent.

Turkey has been dealing with high inflation, which puts a strain on the country's people due to increased living expenditures. As per conomists, the country will likely have significant inflation until 2022.

President Recep Tayyip Erdogan proposed a record 50 percent increase in the minimum wage in December of last year to assist offset rising living costs amid high inflation and a currency downturn.

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