Turkish inflation accelerated to the fastest this year as higher energy costs complicate efforts to contain domestic demand with jumbo interest-rate hikes.
With services and food costs on the rise, the pace of annual price gains jumped to 61.5% last month from almost 59% in August, according to Turkey’s statistical office. It accelerated for a third straight month and came in line with forecasts.
The Turkish central bank has embarked on a cycle of large back-to-back rate increases in an effort to curb domestic demand that’s been a major driver of inflation over the past two years.
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