Turkish inflation hits two-decade high, inches toward 50%

With annual producer inflation reaching 93.5%, further price increases appear in store for Turkish consumers in February and March after consumer inflation sets a two-decade record in January.
OZAN KOSE/AFP via Getty Images
A picture taken on Dec. 7, 2021, in Istanbul shows US dollar banknotes and Turkish lira banknotes. - OZAN KOSE/AFP via Getty Images
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Mustafa Sonmez
@mustfsnmz
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Turkey’s consumer prices rose 11.1% in January, bringing annual inflation to 48.7%, the highest rate in two decades, data released Thursday by the Turkish Statistical Institute (TUIK) show.

January’s inflation overshot both the forecast of Finance and Treasury Minister Nureddin Nebati, who had predicted a monthly rate of up to 8%, and the more realistic forecasts of the Central Bank. 

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