CBRT under pressure as inflation breaches 10%

Central Bank of the Republic of Turkey. Photo: CBRT

The Central Bank of the Republic of Turkey (CBRT) is facing a difficult decision on monetary policy, as inflation climbed into double figures in February.

Data published by the Turkish Statistical Institute today (March 3) shows inflation hit 10.1% in February, its highest level since April 2012 (see figure 1). An 18% rise in the price of transportation was the main factor behind the rise, though alcoholic beverages and tobacco also saw sharp price increases. Inflation has not fallen below the 5

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