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Turkey's annual inflation hits 25% in October, highest in 15 years

The tax cuts will boost consumption temporarily, but are credit negative and risk rekindling selling pressure on the lira, said Moody's ratings agency

Reuters  |  Istanbul 

Turkish annual inflation surged to 25 per cent in October, official data showed on Monday, hitting its highest in 15 years and underscoring the sustained impact of a currency crisis as the wider economy loses pace. Month-on-month, consumer prices jumped 2.67 per cent, the Turkish Statistical Institute data showed, higher than the 2.0 per cent forecast in a Reuters poll. In the wake of a lira slide which has also stoked inflation, the government has cut its growth forecasts and economists say Turkey will record negative GDP growth this quarter and the next, discouraging any ...

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First Published: Mon, November 05 2018. 20:54 IST