(Bloomberg) -- Turkish inflation accelerated much faster than expected with the sharpest increase since the start of 2022, underscoring the central bank’s challenge as it raises interest rates to try to end a cost-of-living crisis.Most Read from BloombergMercedes Bets on Range Boost in Swipe at Tesla’s EV LeadDiamond Prices Are in Free Fall in One Key Corner of the MarketZelenskiy Swaps Out Defense Minister in Wartime Cabinet ShakeupHuawei Teardown Shows Chip Breakthrough in Blow to US Sanctions
With food and energy costs on the rise, the pace of annual price gains soared to 58.9% last month from almost 48% in July, according to Turkey’s statistical office. The median estimate in a Bloomberg poll of economists was 55.9%.
Restoring price stability has increasingly become a priority since President Recep Tayyip Erdogan won reelection in May and then revamped his economic team by appointing Finance Minister Mehmet Simsek and central bank Governor Hafize Gaye Erkan. An effort to end an era of ultra-low borrowing costs has so far included three rate hikes by the central bank to 25% and the unraveling of some regulations that sought to keep credit cheap.
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