Turkish Lira and Euro banknotes are seen in this picture illustration taken June 25, 2018. REUTERS/Dado Ruvic/Illustration
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Turkish consumer price inflation jumped to a 14-year high in June, official data showed Tuesday, driving the lira down and putting pressure on the central bank to raise interest rates further this month. Inflation rose to 15.39 percent year-on-year, the highest annual rate since 2004 after a new method of calculating price rises was introduced, and month-on-month CPI inflation leapt to 2.61 percent – nearly double the forecast in a Reuters poll.Turkey's central bank (CBRT) has raised its main policy rates by 500 basis points since April in an effort to arrest an 18 percent fall in the lira this year, despite President Recep Tayyip Erdogan's opposition to higher rates. Producer prices rose 3.03 percent month-on-month in June for an annual rise of 23.71 percent.
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