{"id":104309,"date":"2021-01-04T11:15:19","date_gmt":"2021-01-04T11:15:19","guid":{"rendered":"https:\/\/myfintale.com\/?p=104309"},"modified":"2021-01-04T11:15:19","modified_gmt":"2021-01-04T11:15:19","slug":"turkish-inflation-up-more-than-expected-to-14-6","status":"publish","type":"post","link":"https:\/\/myfintale.com\/markets\/turkish-inflation-up-more-than-expected-to-14-6\/","title":{"rendered":"Turkish inflation up more than expected to 14.6%"},"content":{"rendered":"
FILE PHOTO: People wait in line to buy vegetables sold in a tent set up by the municipality in the Bayrampasa district of Istanbul, Turkey, February 11, 2019. REUTERS\/Murad Sezer<\/figcaption>

ISTANBUL (Reuters) -Turkish inflation edged higher than expected to 14.6% year-on-year in December as food costs jumped, official data showed on Monday, keeping pressure on the central bank for tight monetary policy even after sharp interest rate hikes.<\/p>\n

Month-on-month, consumer prices rose 1.25% in December, the Turkish Statistical Institute said, also above the median forecast of 0.9% in a Reuters poll.<\/p>\n

Economists in the poll expected annual inflation would be 14.2% last month, compared to November when it jumped unexpectedly to 14%.<\/p>\n

A year of double-digit inflation and a weak lira – which touched a record low in early November – prompted the central bank to reverse an easing cycle in mid-2020.<\/p>\n

Under new governor Naci Agbal it hiked rates by 675 points since November alone, to 17%. While the lira has rallied in the last two months, analysts said the earlier rise in import prices continued to lift broader inflation.<\/p>\n

Last month, the food and transportation subcategories were both up more than 20% year-over-year, the data showed. The producer price index separately rose 2.36% month-on-month in December, for an annual rise of 25.15%.<\/p>\n

Agbal said last month policy will remain tight in 2021 to finally lower inflation in a lasting way and hit a target of 5% by 2023. The bank forecasts 9.4% inflation by the end of 2021, lower than most analysts.<\/p>\n

The government had initially forecast end-2020 inflation would come in at 10.5% in its medium-term programme.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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