Turkey’s currency hit another record low against the dollar on the morning of May 3 after official data showed inflation rose higher than expected in April.
The lira, one of the worst performing emerging market currencies this year, weakened to a record low of 4.2487 against the dollar, from the May 2 close of 4.1785. It was at 4.2005 at 0705 GMT.
The consumer price index exceeded forecasts by climbing 1.87 percent month-on-month in April, the Turkish Statistical Institute (TÜİK) said, for a rise of 10.85 percent year-on-year, driven by significant increases in clothing and transportation prices.
The highest monthly increase was 10.4 percent in clothing and footwear in April, according to TÜİK data.In April, the indices rose by 3.54 percent for transportation and by 2.32 percent for miscellaneous goods and services.The highest monthly decrease was in food and non-alcoholic beverages, which fell by 0.21 percent.The highest annual increase was 16.75 percent in furnishing and household equipment.Transportation prices rose by 16.45 percent and clothing and footwear by 12.03 percent in the same period.Producer prices rose 2.6 percent month-on-month in April for an annual rise of 16.37 percent.
