Turkish consumer prices rose sharply in January as a big increase in the minimum wage and a further depreciation in the lira added to cost pressures.
Consumer prices rose 6.7 per cent from December, a significant acceleration from a 2.9 per cent pace the previous month. The annual rate of inflation held steady at just under 65 per cent.
The fresh jolt of inflationary pressures marks a setback for an economic policy overhaul that kicked off after President Recep Tayyip Erdoğan’s re-election in May.
Economists say the increase was prompted by a 49 per cent boost to the minimum wage and a 3.5 per cent per cent fall in the lira against the dollar this year.
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