Turkey’s inflation hits two-year high with jump to 17.5 percent
Al Jazeera
Rise in annual inflation in June higher than expected as lira continues to depreciate against US dollar and euro.
Turkish annual inflation has jumped to a two-year high of 17.53 percent in June, exceeding a forecast of 17 percent and continuing an extended rise after a brief dip, potentially delaying any interest rate cuts to later in the year. The month-on-month consumer price reading on Monday was also higher than expected, up 1.94 percent according to the Turkish Statistical Institute, compared with a poll by the Reuters news agency that forecast 1.50 percent. Inflation, which has remained in double digits for most of the last four years, has been held up by lira depreciation, depleted monetary credibility and a burst of demand as the economy emerges from the coronavirus pandemic.More Related News