Turkey's inflation rate increases
(IRIBNews) - Turkey's Central Bank said Friday it saw "a high probability" that year-end inflation would exceed the 5.0-percent target after sharp rises in oil and gold prices and a recent slide in the Turkish currency, reports Trend.
"In light with current data, there is a high probability that year-end inflation will be above the target," the bank's monetary policy board said.
Consumer prices rose by 1.34 percent in April from the previous month and by 8.83 percent on an annual basis, shooting sharply above expectations.
The figure triggered jitters at the financial markets, which, coupled with global capital flight from emerging markets and political tensions in Ankara, sent the Turkish lira nosediving against the dollar.