Turkish inflation accelerated much faster than expected with the sharpest increase since the start of 2022, underscoring the central bank’s challenge as it raises interest rates to try to end a cost-of-living crisis.
With food and energy costs on the rise, the pace of annual price gains soared to 58.9% last month from almost 48% in July, according to Turkey’s statistical office. The median estimate in a Bloomberg poll of economists was 55.9%.
The month-on-month figure was 9.1%, also far more than forecast. The core index, which excludes volatile items, had an annual gain of 64.9%.
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