Turkey's Inflation Expected to Exceed 70% by May

The central bank's interest rate hikes and the government's minimum wage increase contribute to the inflation surge.

Turkish inflation ended the year near 65%, slightly below economists' forecasts, but is expected to exceed 70% by May.
The government's decision to raise the minimum wage by nearly 50% could lead to faster price increases.
The central bank has raised interest rates by 34 percentage points since June in response to the inflation.
The central bank does not expect inflation to slow down until the second half of this year and predicts it will end 2024 at 36%.
Core inflation, which excludes volatile food and energy costs, has accelerated past 70%.