Turkey Core Inflation Hits Its Highest Level in 13 Years
- Core inflation jumps to 11.8 percent, highest since early 2004
- Headline inflation rate highest since 2008 at 11.9 percent
A construction site at the business district of Maslak in Istanbul.
Photographer: Kostas Tsironis/Bloomberg
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A key measure of Turkey’s consumer prices that excludes volatile items such as food and energy accelerated to the highest level in more than 13 years, underscoring the central bank’s challenge as it looks to lower inflation to levels that would enable cuts in borrowing costs.
Core prices rose an annual 11.8 percent in October, the highest since January 2004. Overall consumer inflation accelerated more than expected, rising 11.9 percent as a weaker lira and higher energy costs weighed on prices. That was the highest rate since 2008 and exceeded the median estimate of 11.5 percent in a Bloomberg survey of economists.