Turkish inflation climbs more than expected to above 12%

Turkey's consumer price inflation rose a bit more than expected to 12.15% y...

FILE PHOTO: A card showing the price of tomatoes is seen at a food market in Istanbul, Turkey, February 11, 2019. REUTERS/Murad Sezer/File Photo

A currency crisis in 2018 sent inflation surging to a 15-year high above 25%. But it has since declined and briefly touched single digits last year, allowing the central bank to cut interest rates sharply. The rise in January inflation was driven by alcohol and tobacco prices which surged 42.2% year-on-year, while heavily-weighted food and non-alcoholic drinks prices were up 9.04%, the Turkish Statistical Institute data showed.

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