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Turkish lira remains volatile after surprise dip in inflation data

Turkey’s annual inflation unexpectedly dropped to 16.59% in May, according to data published Thursday. The news did not steady the nation’s currency, which slid on market concerns over an early interest rate cut.

Diego Cupolo
Diego Cupolo
Jun 3, 2021
Vendors sell dry food as people shop by a banner reading "No to Inflation" near the New Mosque area in Istanbul's Eminonu district on Nov. 6, 2018. Inflation in Turkey surged to over 25% in October from the same period the year earlier, the highest annual rate for over 15 years, official statistics showed on Monday. Prices have soared in Turkey over the last months as the lira came under pressure, stoking fears over the long-term economic health of the country.
Vendors sell dry food as people shop by a banner reading "No to Inflation" near the New Mosque area in Istanbul's Eminonu district on Nov. 6, 2018. Inflation in Turkey surged to over 25% in October from the same period the year earlier, the highest annual rate for over 15 years, official statistics showed on Monday. Prices have soared in Turkey over the last months as the lira came under pressure, stoking fears over the long-term economic health of the country. — OZAN KOSE/AFP via Getty Images

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