Month-on-month, consumer prices rose 13.58%, the Turkish Statistical Institute said, compared to a Reuters poll forecast of 9%. The annual inflation forecast was 30.6%.
It was the highest CPI annual since the 37.0% of September 2002, before President Tayyip Erdogan’s AK Party first came to power in November of that year. The forecasts of 13 economists ranged between 26.4% and 37.3%. “Rates should be immediately and aggressively hiked,” she said. “Annual inflation will probably reach 40-50% by March.”
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