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Turkey Consumer Prices (Aug.)

Inflation hit 80.2% y/y in Turkey in August, breaching 80% for the first time since 1998. Even so, the central bank is likely to remain beholden to President Erdogan’s wishes for looser policy and it seems that further interest rate cuts are more likely than not later this year. Given Turkey’s external vulnerabilities, this simply increases the risk of sharp and disorderly falls in the lira.

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