ISTANBUL: Turkish monthly inflation jumped 3.92% in June, still less than expected, as it was stoked by a plunge in the lira currency after the re-election of President Tayyip Erdogan, official data showed on Wednesday.
The median of estimate in a Reuters poll predicted inflation would climb 4.84% month-on-month.
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Annual inflation dipped a bit more than expected to 38.21%, compared with a poll forecast of 39.47%, due in part to so-called base effects from the previous year.
Inflation has soared since a currency crisis at the end of 2021 and touched a 24-year peak of 85.51% last October.
The lira lost some 30% of its value so far this year – and more than 20% in June alone - after Erdogan signalled a U-turn toward more orthodox economic policies including rate hikes. He won re-election in late May.
The domestic producer price index was up 6.50% month-on-month in June for an annual rise of 40.42%, according to the data from the Turkish Statistical Institute.
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