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Turkey Rewrites All Inflation Forecasts But Won’t Budge on Rates

  • Central bank sees inflation at 42.8% in 2022, 12.9% next year
  • Runaway prices blamed on global rally in energy and food costs
Food prices are expected to rise an annual 49% through December.

Food prices are expected to rise an annual 49% through December.

Photographer: Erhan Demirtas/Bloomberg
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Turkey’s central bank conceded it will have to navigate a vastly different inflation environment than it anticipated just months ago, blaming the global commodity rally but signaling no change in the direction of its monetary policy.