Turkey's annual inflation rate is expected to have hit 30.6% in December, according to a Reuters poll, breaching the 30% level for the first time since 2003 as prices rose due to record lira volatility.
The 30.6% median forecast of 13 economists would be the highest since May 2003 - with forecasts ranging from 26.4% to 37.3%.
The central bank has said temporary factors were driving prices higher and forecast that inflation would follow a volatile course in the short term.The recent lira slide was reversed late on Monday last week when Erdogan announced a scheme to protect lira deposits against currency volatility and state-backed market interventions triggered a 50% surge in the currency's value.
According to the Turk-Is trade union confederation, food prices rose 25.75% month-on-month in December. That represented an annual rise of 55%, up from 27% in November, marking the largest rise in food inflation since 1987. There could be double-digit monthly inflation in December as lira depreciation drives food, core goods and energy prices, said Gedik Yatirim economist Serkan Gonencler, adding that the lira rebound could prompt price cuts.
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