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Turkiye inflation climbs to over 67% to maintain pressure on CBRT

March 4, 2024 at 8:43 pm

A view of the Central Bank of the Republic of Turkiye (CBRT) building in Ankara, Turkiye on July 27, 2023 [Mustafa Çiftçi – Anadolu Agency]

Turkiye’s annual inflation exceeded expectations and jumped to above 67 per cent in February, official data showed on Monday, maintaining pressure for tight monetary policy amid strong rises in food, hotel and education prices, Daily Sabah reports.

According to the report, measured in the consumer price index (CPI), inflation surged to 67.07 per cent over 12 months ending in February, the Turkish Statistical Institute (TurkStat) said.

Treasury and Finance Minister, Mehmet Simsek, said annual inflation would remain high in the coming months due to base effects and the delayed impact of rate hikes but would fall in the next 12 months.

Month-over-month, consumer price inflation came in at 4.53 per cent, according to the TurkStat data, easing from 6.7 per cent in January.

“Inflation was high in January due to temporary effects. There could be some continuation of that in February,” Simsek said. “However, as of March, inflation will be back on trend. It will become in line with our disinflation path.”

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