Posted 3/4/2024, 8:39:35 AM
Turkey's Inflation Soars to Over 67% in February on Rising Food and Accommodation Costs
- Turkey's annual inflation rate climbed to 67.07% in February, exceeding expectations
- Food, hotel, and education prices saw strong rises, keeping pressure on central bank
- Finance Minister said inflation will remain high in coming months due to base effects and lagging impact of rate hikes
- Central bank has hiked rates by 3,650 basis points since June but has now paused tightening
- Possibility of more tightening after March 31 elections given continued price pressures and strong domestic demand
