Turkish inflation hits 17.9pc in August, lira slides

Published: September 03, 2018 16:08:30 | Updated: September 05, 2018 20:19:52

Turkish annual inflation rate surged to 17.9 per cent in the previous month, hitting highest point since 2004, showed official data on Monday.

Consumer prices index (CPI) increased 17.9 per cent in August from the same month in 2017, up from 15.85 per cent in the previous month, according to the data released by the Turkish Statistical Institute.

On a monthly basis, the costs of transportation increased by 4.45 per cent, miscellaneous goods and services increased by 5.85 per cent, while the cost of food and non-alcoholic beverages kept slightly increase of 0.06 per cent, reports Xinhua.

The fast year-on-year growth was in transportation section, with prices up 27.13 per cent, followed by furnishings and household equipment rising 23.76 per cent, food and non-alcoholic beverages surging 19.75 per cent.

The lira, one of the worst-performing emerging market currencies which has plunged by 40 per cent this year, weakened to 6.6850 against US dollars as of 9.30 am local time, compared with last week's closing rate of 6.5840.

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