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Turkey’s inflation slightly eases in October, remains above 60%

Following three months of increases, Turkey’s year-on-year inflation slightly eased last month.
One-hundred Turkish lira notes on display at a currency exchange in Kuwait City, August 12, 2018.

ANKARA — Turkey’s year-on-year inflation slightly eased to 61.36%, according to official data released on Friday amid ongoing monetary tightening policies. 

The modest dip in Turkey's annual inflation came after three months of increases. Following an eight-month downtrend, largely due to a favorable base effect from the corresponding month of the previous year, inflation began to rise again in July, hitting 61.53% in September.

Data released by the Turkish Statistical Institute (TUIK) showed monthly inflation at 3.43%, with clothing, housing, and restaurant and hotel baskets as the top three drivers.

On Thursday, the Central Bank raised its year-end inflation projection to 65%, revising its forecast upward from July by 7 percentage points..

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