Turkish Inflation Soars Near 59% to Put Pressure on Central Bank

09/04/2023 14:27

Turkish inflation accelerated to the fastest this year, underscoring the central bank’s challenge as it raises interest rates to try to end a cost-of-living crisis.

My Interests

Settings

We've updated the dispute procedures in our Terms of Service (“Terms”). By continuing to use the site, you accept and agree to these updated Terms.

Turkish Inflation Nears 60%, Piling Pressure on Central Bank

Shoppers on Istiklal Street in Istanbul.Photographer: Moe Zoyari/Bloomberg

Turkish inflation accelerated to the fastest this year, 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%.

Up Next

Turkish Inflation Nears 60%, Piling Pressure on Central Bank