ANKARA: Not what the Turkish central bank was looking for. After falling below 10 per cent in July, annual inflation in Turkey picked up to reach 10.69 per cent in August, as a fall in the cost of clothing and footwear failed to offset large price rises in education and transportation.
The annual inflation level is well above the central bank’s target of 5 per cent, and also came in higher than analysts’ expectations. Core inflation, which strips out volatile elements, also rose to 10.16 per cent, from 9.6 per cent. The rise in inflation also marks a reversal of the previous three months of consecutive declines in inflation.
