ECONOMY

Turkish inflation continues to climb

turkish-inflation-continues-to-climb

Turkey’s annual inflation climbed above 16% in March for the first time since mid-2019, data showed on Monday, piling pressure on new Central Bank Governor Sahap Kavcioglu to maintain tight policy after his surprise appointment.

Consumer prices were up 16.19% year-on-year, higher than 16.11% in a Reuters poll and 15.61% in February. Inflation remains well above a 5% official target and has been in double digits for most of the past four years. Month-on-month CPI inflation was 1.08%, the Turkish Statistical Institute said, compared to a Reuters poll forecast of 1.04%. [Reuters]