ISTANBUL: Turkish inflation climbed to 16.19pc year-on-year in March, data showed on Monday, touching the highest level since mid-2019 and keeping up pressure on new central bank governor Sahap Kavcioglu to maintain tight monetary policy.

Month-on-month, consumer prices rose 1.08pc, the Turkish Statistical Institute said, compared to a Reuters poll forecast of 1.04pc.

In February, annual inflation stood at 15.61pc.

The poll forecast 16.11pc for March, well above a 5pc official target.

The producer price index rose 4.13pc month-on-month in March for an annual rise of 31.2pc, the data showed.

The central bank hiked its policy interest rate to 19pc in March citing inflation concerns.

However the surprise ousting of the former bank chief last month pushed the lira currency near its record lows, adding renewed pressure on inflation.