The state statistics agency said prices rose by 58.9 percent over 12 months ending in August compared to 47.8 percent in July.
“This will heap pressure on the to further significantly hike policy rates from 25 percent at present.” Analysts feared that Turkey would enter a systemic crisis unless Erdogan radically changed course after the vote.He did just that by overhauling his government and tapping a handful of respected Wall Street veterans to top economic posts.
Turkish media reported that he signed off on last month’s rate decision after being convinced that it would only remain in place “for a while”.“Risks will remain high for as long as President Erdogan stays in power,” Capital Economics emerging markets economist Liam Peach wrote in a report.
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