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Annual inflation in Turkey up to almost eight percent


Annual inflation in Turkey up to almost eight percent

Inflation in Turkey rose in September to an annual rate of almost eight percent, reinforcing concerns about the economic outlook.

The consumer price index rose 0.89 percent month-on-month to an yearly figure of 7.95 percent, well above the government target of five percent.

The news puts more pressure on the central bank to raise interest rates after leaving them unchanged last month.

But such a move is considered unlikely before parliamentary elections next month.

The price rises were driven by food and soft drinks, transport, miscellaneous goods and services.

Also of concern is the rise in core inflation which reflects the impact of the ailing lira, which has hit a series of record lows against the dollar.

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