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Banking, Economy

“Turkish Inflation Nears 60%, Piling Pressure on Central Bank”

“…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%.

“There is a notable surge in core prices,” said Erkin Isik, chief economist at QNB Finansbank. “We expect year-end inflation around 70%,” with a peak near 75% in mid-2024 because of “a base effect from natural gas prices,” he said…”

https://finance.yahoo.com/news/turkish-inflation-nears-60-piling-073223832.html

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