Türkiye's consumer price index (CPI), the main indicator of the country’s inflation, touched as high as 58.9% in August, official data showed Monday, which is expected to prompt the central bank to raise interest rates again.
The country’s inflation rose 9.1% last month compared to the previous month, the Turkish Statistical Institute (Turkstat) said in a statement Monday. This is against an inflation of 47.8% in July.
This is against an inflation of 47.8% in July.
Hyperinflation will pose a tough time for the country to raise interest rates. The country’s central bank on August 24 raised its interest rate to 25% as the country moved away from years of unorthodox economic policies.
"Pretty awful inflation prints," Emerging Markets Economist Timothy Ash told AFP in emailed comments. "This will heap pressure on the (central bank) to further significantly hike policy rates from 25 percent at present."
