Turkey’s annual inflation climbs to near 79%

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Turkey’s annual inflation rate has jumped to a 24-year high of 78.62% in June, data showed, just above forecast, driven by the impact of the Ukraine war, soaring commodity prices and a slide in the lira since a December crisis.

Inflation has surged since last autumn, when the lira slumped after the central bank gradually cut its policy rate by 500 basis points to 14%, in an easing cycle sought by President Tayyip Erdogan to boost economic growth.





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