(Bloomberg) — Turkey’s inflation rate rose for a fifth straight month, edging closer to 70% despite a series of aggressive interest-rate hikes.
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Consumer inflation quickened to 68.5% in March, up from 67.1% in February. The median estimate in a Bloomberg poll of economists was 69.1%.
The data comes after the central bank surprised markets by raising its benchmark interest rate to 50% in late March, amid a deteriorating inflation outlook and increased demand for hard currency. The bank vowed to maintain a tight stance until prices show visible signs of cooling.
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