Turkey’s inflation nears 80% in July and may be about to peak – The National

Turkey’s inflation nears 80% in July and may be about to peak – The National

Turkish inflation accelerated again and may be just months away from peaking, soaring to levels not seen since the aftermath of the Asian financial crisis in 1997 as the central bank sticks with its ultra-loose monetary course.

The upward march of consumer prices has already forced officials and economists to rewrite forecasts several times this year, as efforts to stabilise the lira falter at a time when Russia's invasion of Ukraine is inflating the cost of everything from food to energy.

Data on Wednesday showed that annual inflation was up to 79.6 per cent last month from 78.6 per cent in June, gaining slightly less than forecast by economists in a Bloomberg survey. In Istanbul, Turkey’s most populous city, price growth exceeded 99 per cent in July from a year earlier.