Turkey: Inflation soars to nearly five-year high in March
April 3, 2017
Consumer prices in Turkey increased 1.02% compared to the previous month in March, higher than the 0.81% rise registered in February and overshooting analysts’ expectations of a 0.60% jump. According to the Turkish Statistical Institute, the rise was due to soaring prices for clothing and footwear, and food and non-alcoholic beverages.
Inflation jumped from 10.1% in February to 11.3% in March, the highest reading since April 2012. A weak lira has aggravated price pressures this year, however the Central Bank has not raised the main policy rates. Annual average inflation rose from February’s 7.9% to 8.2%.