Turkey’s consumer price inflation rate is expected to increase to 16.11 percent in March, according to a poll conducted by Reuters.
Annual inflation is forecast to accelerate from 15.6 percent in February in a six-straight month of increases, Reuters reported on Wednesday, citing a median estimate of 16 economists.
Annual inflation in Turkey is accelerating after the lira slumped against the dollar over the past year. The currency traded at 8.15 per dollar on Thursday compared with 6.61 per dollar on April 1, 2020, a decline of 19 percent.
Estimates for March inflation ranged between 15.92 percent and 16.97 percent, Reuters said. Inflation had stood at 11.9 percent in March last year.
The lira has sold off sharply since President Recep Tayyip Erdoğan unexpectedly sacked and replaced the governor of the central bank on March 19. Governor Naci Ağbal had raised the bank’s benchmark interest rate to 19 percent from 17 percent the previous day to stabilise the currency and rein in inflation.
Inflation in Turkey is also being pressured by rising global food and energy prices. Turkey imports nearly all the energy it consumes.
The Turkish Statistical Institute is due to report March inflation data on Monday.