Turkey inflation hits almost 70% in April dampening interest rate cut hopes. Euronews

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Turkey’s inflation accelerated to 69.8% annually for the month of April, according to latest data from the Turkish Statistical Institute.

The country’s annual consumer price inflation climbed close to 70% last month, just slightly below expectations.

However, it marked the highest rate since November 2022 due to strong price increases in education, restaurant and hotels prices.

Finance minister, Mehmet Simsek, commented on the data to Reuters and said April’s month-on-month inflation, which was 3.18%, was in line with expectations. In March it was at 3.16%.

Turkey’s central bank hiked its key interest rate to 50% in March, citing the continuing need to counter climbing inflation in the country.

 “Stickiness in services inflation, inflation expectations, geopolitical risks, and food prices keep inflation pressures alive.” the bank said in a press release at the time.

In March, the bank also said that a tight monetary policy stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed.

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