Turkey's inflation hit a new record in March, official data showed Monday, driven up by the fallout from the Russia-Ukraine conflict and soaring energy prices.

Consumer prices accelerated to 61.14 percent at an annual rate, up from 54.4 percent in February, according to the statistics agency.

The weakening lira and the rising cost of living have become a major source of public discontent in Turkey as President Recep Tayyip Erdogan faces an election next year.

The currency was stable following the latest inflation data, trading at 14.7 lire against the U.S. dollar and 16.2 lire against the euro.
The war in its Black Sea neighborhood has had a major impact on Turkey as Russia is a key supplier of energy while Ukraine ships wheat. The Turkish tourism industry also mainly relies on Russian tourists. 

On March 28, Erdogan announced value-added tax (VAT) cuts on several products to fight high inflation.

The VAT cuts included mostly necessities, such as hygiene products and medical equipment, Erdogan said at a press conference after a cabinet meeting.

"We have decided to reduce the VAT on products such as detergent, soap, toilet paper, napkins and baby diapers from 18 percent to 8 percent," he said.

In February, the government has already reduced the VAT on essential food products from 8 percent to 1 percent.

The Turkish leader announced in December last year a record 50-percent rise in the minimum wage to help offset surging living costs amid high inflation.

However, Turkey's central bank has kept the benchmark interest rate unchanged since January despite the skyrocketing inflation.

(With input from AFP and Xinhua)