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

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.