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Published 17 days ago

Turkey’s inflation climbs to 68.5% despite continued rate hikes

  • Inflation in Turkey surged to 68.5% annually in March, despite efforts to curb it through interest rate hikes.
  • The government implemented a series of interest rate hikes, with the most recent increase in late March raising the key rate from 45% to 50%.
  • Rising global energy prices, the weakening Turkish lira, and COVID-19 fallout are among the factors contributing to the inflation surge.
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