Turkish Inflation’s Rush Toward a New 20-Year High Leaves Lira Vulnerable

Turkish inflation is galloping toward a fresh 20-year high, leaving the lira increasingly vulnerable by depriving the currency of a buffer against market selloffs.

A three-month policy pause by the central bank means Turkey’s interest rates -- already the world’s lowest when adjusted for prices -- are set to reach new depths as the cost of everything from food to energy surges. Data due Monday will show inflation climbed to an annual 61.5% in March from 54.4% a month earlier, according to the median of 19 estimates in a Bloomberg survey.