Annual inflation in Turkey rose to a fresh 24-year high in July, as the country’s currency, the lira, continues to weaken and the cost of living surges across the nation, official data showed Wednesday.
The Turkish Statistical Institute said consumer prices rose by 79.6 percent from a year earlier, and were up 2.37 percent month over month.
A Reuters poll had forecast a rise of 2.9 percent month over month, while annual consumer price inflation was forecasted to be 80.5 percent.
According to unofficial data from the independent inflation research group ENAG, Turkey’s monthly consumer price inflation rate increased by 5.03 percent in July, nearly double that of government figures, while annual inflation has increased by 176.04 percent….