inflation in Turkey rose to a new 24-year high of 79.6% in July, data showed today as a weaker pound and global energy and commodity costs pushed prices higher.
Inflation started picking up last fall when the pound fell sharply after the central bank gradually cut its key interest rate by 500 basis points to 14%.
On a monthly basis, consumer prices rose 2.37% in July, the Turkish statistics agency said, below the 2.9% forecast in a Reuters survey. On an annualized basis, inflation was expected at 80.5%.
The pound was unchanged after the release of the data, at 17.9560 against the dollar.
At the same time, as it became known on Monday, inflation in Istanbul “touched” 100%, as in July it “ran” at an annual rate of 99.11%.
According to the Istanbul Chamber of Commerce, prices increased by 4.09% compared to the previous month. The price increase is the highest since February 1998.
Source: APE-MPE, Reuters.
Source: Kathimerini
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