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Turkey Inflation Accelerates More Than Expected on Food, Alcohol

  • December rate rises to 8.53% from 7%, faster than estimates
  • Central bank misses inflation target for a sixth year
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Turkey’s consumer price inflation climbed more than estimated in December, led by a surge in food, alcohol and tobacco prices.

The annual inflation rate was 8.53 percent last month, compared with 7 percent in November, Turkey’s statistics institute said on Tuesday. The median estimate in a Bloomberg survey of economists was an increase to 7.6 percent, with 8.5 percent the highest prediction.