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Turkey Inflation Surges on Food, Weaker Lira Following Coup

  • CPI rate rises to 8.79 percent; Bloomberg survey 8.16 percent
  • Analysts say further rate cuts unlikely after inflation data
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Turkish Lira Tumbles on Inflation Data

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Turkey’s consumer price inflation rose higher than expected in July, led by a surge in food prices that gained pace with a weaker lira following a failed coup attempt.

The annual inflation rate was 8.79 percent last month, compared with 7.64 percent in June, Turkey’s statistics institute said on Wednesday. The rate outpaced even the highest prediction of 8.5 percent in a Bloomberg survey, and was significantly above the median estimate of 8.16 percent. Food prices rose an annual 9.69 percent, compared with 6.63 percent a month earlier.