Turkey’s annual inflation nearly hits 18 percent

Turkey’s annual inflation nearly hits 18 percent

Annual inflation in Turkey rose again in August to nearly 18 percent, official statistics showed on Sept. 3, a record since late 2003, after the Turkish Lira dramatically weakened against the U.S. dollar last month, Hurriyet Daily News reported.

Consumer prices rose 17.9 percent in August from the same month in the previous year, up from 15.85 percent in July, according to the Turkish Statistics Institute (TÜİK).

The figure was higher than estimates.

The highest annual rise in the month was in the cost of transport, up 27.13 percent, while prices for food and non-alcoholic drinks were up 19.75 percent, TÜİK said in a statement.

The highest monthly increase was 5.85 percent in miscellaneous goods and services, followed by furnishing and household equipment by 4.56 percent and transportation by 4.45 percent.

Producer prices leaped 32.13 percent, a separate TÜİK statement showed.