Turkish inflation rockets to almost 70%, shattering hopes of a rate pause
The Turkish Statistical Institute announced on Monday that the country’s annual inflation rate rose to 67.07% in February, overshooting forecasts. Analysts polled by Reuters had predicted that annual inflation would climb to 65.7% in February, before falling to 42.7% by the end of 2024. From January to February, the monthly rate of change was 4.53%, less than last month’s jump of 6.7%, but well above the Reuters poll forecast of 3.7%. The shock result was primarily driven by price increases in the hotel, cafe, and restaurant sectors, along with inflation in the education sector. Experts are al...