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5 December, 2017 00:00 00 AM
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Turkey inflation hits highest level since 2003

AFP

AFP, ANKARA: Turkey’s inflation in November hit its highest annual rate in 14 years at nearly 13 per cent, according to official data released yesterday.

Consumer prices rose 12.98 per cent last month from the same period in 2016, the state statistics agency said, the highest annual rate recorded since December 2003.

Inflation had been 11.9 per cent in October.

Monthly inflation meanwhile was 1.49 per cent in November from October, with transport, clothing and food showing strong rises.

The rise was sharper than analysts had predicted, and comes after the Turkish lira’s value against the US dollar declined by 13.5 per cent since September.

Economists said that annual inflation would probably come down from December onwards but said it was still likely to remain in double digits.

Gokce Celik, chief economist at QNB Finansbank, said year-on-year inflation “is likely to spend the first half of the year (2018) above 10.5 per cent”.

The Turkish central bank will hold its regular monetary policy committee meeting on December 14 to decide on interest rates.

Liam Carson, Emerging Europe economist at London-based Capital Economics, said in a note the rise in inflation was “likely to prompt a rate hike next week”.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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