Inflation in Turkey reached 80.21 percent in annual terms in August

Inflation in Turkey in annual terms reached 80.21 percent in August, according to the country’s statistical institute (TUIK).

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In July, the indicator was 79.6 percent, in June – 78.62 percent, in May – it exceeded 73 percent (73.5). The growth of consumer prices in August alone amounted to 1.46 percent.

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Earlier, the Turkish Central Bank decided to cut the rate from 14 to 13 percent. The markets took this as a signal confirming that the fight against rising prices has ceased to be a priority for the regulator.

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Inflation in the country began to rise last fall, when the lira fell sharply. This came after the central bank gradually cut its key rate by 500 basis points to 14 percent, as part of an easing policy pushed by Turkish President Recep Tayyip Erdogan.

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On August 18, the Turkish lira fell to its lowest level against the dollar in eight months.

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Meanwhile, the Russian Central Bank announced the study of the possibility of replenishing the National Wealth Fund (NWF) in yuan, rupees and lira.