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Turkish inflation rises, raising expectations of further rate hikes

Turkey’s inflation rate rose to 15.61% in February, marking the fifth month of consecutive increases and raising expectations for the central bank to introduce further rate hikes.

ISTANBUL — Turkey’s annual inflation rate rose for the fifth month in a row, growing to 15.61% in February up from 14.97% in January, according to official data published by the Turkish Statistical Institute on March 3.

The consumer price index increased above forecasts by Bloomberg and Reuters, which put median inflation estimates at about 15.4% prior to the announcement. The March 3 data also showed Turkey’s monthly inflation stood at 0.91%, driven primarily by rising prices in energy, household goods and food products as well as the continued economic impacts of the COVID-19 pandemic.

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