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Turkish inflation climbs to two-year high, likely delaying interest rate cut

Turkey’s annual inflation rose higher than expected in July to 18.95%, just shy of the Central Bank’s key interest rate, reducing prospects for an early interest rate cut this summer.
Chris McGrath/Getty Images

ISTANBUL — Turkey’s annual inflation rate rose higher than expected in July, reaching a two-year high of 18.95%, according to data published Tuesday by the Turkish Statistical Institute (TurkStat).

Driven by growing food and transportation costs, annual consumer prices climbed 1.42% last month, up from 17.53% in June, surpassing a Bloomberg forecast for 18.6% in July.

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