Turkish Inflation Reaches a Two-Year Peak With a Sudden Jump to 17.5%

Turkey’s annual inflation jumped to a two-year high of 17.53% in June, beating expectations of 17% and extending a long rise after a brief decline, potentially delaying an interest rate cut this year.

The monthly consumer price reading was also higher than expected, up 1.94%, according to the Turkish Statistical Institute, compared to expectations in a Reuters poll of 1.50 percent.

The lira was little changed, and recorded 8.6975 against the dollar, compared to Friday’s close at 8.7.

Analysts say rising inflation eases investors’ concerns about a near-term interest rate cut.