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Turkish inflation climbs to nearly 65%, with more rises expected
As inflation eases in most of the world’s major economies, eye-watering price rises continue to blight citizens in Turkey. Inflation in the country rose to 64.8% on an annual basis in December, an acceleration from 62% in November. This was slightly below expectations of economists polled by Reuters of 65.1%. Month-on-month inflation cooled to 2.9% from 3.3%. Turkish inflation hit a peak of 85.5% in October 2022. The Turkish lira saw a steep deterioration, increasing the cost of imports and eroding the salaries of the country’s many foreign workers sending money abroad. That came as Turkey’s central bank stuck ... (full story)