Turkey inflation surges 36% amid lira crisis, highest since 2002 - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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Turkey’s annual inflation jumped far more than expected to 36.08% year-on-year in December, the highest since September 2002, data showed on Monday reflecting a plummet in value of the lira late last year.

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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