Turkey's President and ruling Justice and Development Party leader Recep Tayyip Erdogan salutes as he addresses an election rally in Diyarbakir, Turkey, Sunday, June 3, 2018. (Presidential Press Service via AP, Pool)
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The inflation rate in Turkey jumped in May, official statistics showed Monday, increasing pressure on the central bank to again raise interest rates as fears persist over the strength of the economy.Three weeks ahead of snap presidential and parliamentary elections on June 24, which would give President Recep Tayyip Erdogan beefed up powers, consumer prices climbed 12.15 percent from the same period in May last year, according to the Turkish statistics office.The central bank last month sought to prop up the currency with an emergency 300 basis points rate hike and also by simplifying its monetary policy.
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