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Turkey Inflation at 8-Year High

Turkey Inflation at 8-Year HighTurkey Inflation at 8-Year High

Turkey‘s annual consumer price inflation surged to an 8-1/2 year high of nearly 12% in April, official data showed on Wednesday, keeping pressure on the central bank to maintain tight monetary policy, Reuters reported. Consumer prices rose 11.87% from a year earlier for a 1.31% rise month-on-month, the Turkish Statistics Institute said. The rise was in line with a Reuters poll which forecasted an increase of 1.3%. Last Friday, Turkey‘s central bank raised its inflation forecast for 2017 to 8.5% from 8% and said it was ready to tighten policy further if needed.

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