A seller waits for customers at his stall at a local market in Fatih district in Istanbul, Turkey.
Turkey’s annual inflation rate rose slightly more than expected to 11.84 per cent in December, official data showed on Friday, ending the year close to a government target and probably narrowing the window for more interest rate cuts in 2020.
Turkey’s central bank raised its year-end inflation forecast on Thursday to 12.2 per cent from 9.4 per cent, in part due to pressure from lira depreciation, and its new governor said tight policy would be maintained until price pressures decline.
Turkey’s lira hit a record low on Friday as concerns over global inflation, an early election and a possible ratings downgrade marked the latest milestone in a years-long depreciation that has dogged the big emerging market economy.
Global stock markets mainly dropped on Friday, with investors focused firmly on the outlook for interest rate hikes as central banks battle to bring down sky-high inflation.
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