Turkish annual inflation climbed to 17.14 percent in April to its highest level in nearly two years, data showed on Monday, driven by a sagging lira and pricy commodity imports, pressuring the new central bank chief to keep policy tight, Reuters reported.
In March, inflation stood at 16.19 percent and remains well above a 5 percent official target. It was last this high in May 2019.
The lira currency has tumbled 13 percent since mid-March when President Recep Tayyip Erdoğan replaced a well-respected and hawkish central bank governor, driving up import costs for import-dependent Turkey.
The depreciation was reflected in soaring producer prices, which were up 35.17 percent year-over-year in April, from 31.20 percent in March, according to data from the Turkish Statistical Institute.
Month-on-month, consumer prices rose 1.68 percent, a bit less than a Reuters poll forecast of 1.80 percent.
Source:Turkish Minute
