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Turkish inflation creeps higher as Central Bank pressed to act

Turkey’s annual inflation hit 14.03% in November, well above forecasts, raising pressure on the nation’s new Central Bank governor to impose tight monetary policies.
ISTANBUL, TURKEY - NOVEMBER 09: People wait to exchange money at a currency exchange shop on November 09, 2020 in Istanbul, Turkey. Finance Minister Berat Albayrak, the son-in-law of President Erdogan who has been in the role for five years, resigned Sunday citing health reasons. The country's currency has plunged 30 percent this year. After the resignation of Berat Albayrak, Turkish lira gained 3% against $ following the resignation. (Photo by Burak Kara/Getty Images)

ISTANBUL — Turkey’s annual inflation rose higher than expected in November, climbing to 14.03% according to data released Thursday by the Turkish Statistical Institute.

Up from 11.89% in October, inflation surged 2.14% in November to its highest level in over a year and above a Reuters poll that forecasted a 12.6% annual rate earlier this week. The rise was credited to growing consumer prices resulting from the Turkish lira’s devolution this year and puts pressure on the nation’s new Central Bank Governor Naci Agbal to impose tight monetary policies.

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