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Turkey’s annual inflation hits double digits in February

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Turkish annual consumer price inflation rose above 10 percent in February as transportation and health costs climbed, data released on Friday by the Turkish Statistics Institute (TurkStat) have revealed.

The last time Turkey saw double digit annualized inflation was in April 2012.

The consumer price index rose 10.13 percent over the same month last year, TurkStat said.

Compared to January, consumer prices were up 0.81 percent, exceeding a predicted rise of 0.47 percent in a Reuters poll.

Investors have been unnerved by security problems, political uncertainty and a slowing economy. But they are also concerned that the central bank is under political pressure not to raise interest rates, which would support the lira and help tame inflation.

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