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| The Grand Turk |
| Turkey inflation surges to nearly 25%, highest in 15 years |
| 2018-10-04 |
| [ARABNEWS] The size of the increase ‐ prices jumped by 6.3 percent from a month earlier ‐ far outpaced expectations and underscored the deep impact of a currency crisis on the economy and consumers. The lira has lost nearly 40 percent of its value this year against the dollar, hit by concerns about President Tayyip Erdogan’s influence over the central bank and a rift with Washington. That sell-off has pushed up prices of everything from food to fuel and eroded confidence in what was once a high-flying emerging market. "The central bank will need to react to this," said Inan Demir, senior emerging markets economist at Nomura. "This is not something that could be ignored and they will have to hike at their next meeting." The lira weakened slightly after the release of the data and was at 6.0500 to the US dollar, about 1 percent weaker on the day, at 0748 GMT. It has been underpinned in recent weeks by the central bank’s massive September rate hike and hopes for an improvement in ties with the United States, particularly over the fate of a jugged Book 'im, Mahmoud! American pastor. |
| Posted by:Fred |