Turkey’s annual inflation rate jumped more than expected to 48.69 percent in January, hitting its highest level in nearly two decades, data showed on Thursday, driven by a series of unconventional interest rate cuts and a sharp depreciation of the lira late last year.
The Turkish Statistical Institute said the consumer price index rose 11.1 percent on a monthly basis, compared to expectations in a Reuters poll of 9.8 percent and annual expectations of 46.7 percent.
The data showed that the producer price index rose 10.45 percent on a monthly basis in January, to rise on an annual basis to 93.53 percent in a reflection of the exchange rate-related turmoil in the past months.