, Columnist
Turkey Missed Its Chance to Stop This Emergency
A rate hike before next week’s meeting would have shown that officials are serious about controlling inflation.
The squeeze is getting worse.
Photographer: Kerem Uzel/Bloomberg
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At least Turkey’s central bank can spot an economic crisis. But it’s hard to believe that officials are going to take serious action to stop it.
Consumer price inflation accelerated to the fastest rate in 15 years, at 17.9 percent, data on Monday showed. And this does not look to be the top of the cycle. Producer prices, which usually lead consumer prices, rose 6.6 percent in August alone, pushing the annual rate above 32 percent. Core CPI rose to a record 17.2 percent annual rate.