Turkish inflation hits 4-year high

Turkish inflation: Turkey’s consumer prices rose by an annualised 8.81 % last month, highest hike  since December 2011 and nearly 1 full percentate point higher than the central bank estimate of 7.9%, according to data released by Turkish Statistics Institute (TurkStat) yesterday. The surge in inflation was led by food and clothing which roses by 10.87% and and 8.99% respectively. 
 Turkey’s central bank left interest rates unchanged on Dec. 22, a surprise move that put fresh pressure on the struggling lira and inflation. Analysts and investors have repeatedly called for a rate hike to rein in inflation and put a floor under the lira. The lira fell to below 2.9515 against the US dollar on 2016’s first day of trading, with  Istanbul  stock exchange down 2%.

Source: todayszaman