Turkey’s Inflation Is Spiraling Closer to 70% With Rates at Peak

Turkey’s annual inflation probably swung to a 15-month high, an acceleration closely watched by a central bank that’s still on alert after ending interest-rate hikes.

This year’s steep minimum wage hike is combining with higher food prices to drive up cost pressures for an economy long scarred by inflation. Despite a more stable lira, Turkey is on track to end 2024 with the world’s fifth-fastest rate of inflation, according to the International Monetary Fund, an outlook that assumes a deceleration will set in from mid-year.