Rising food, transportation and services prices pushed annual inflation in Turkey to 64.77 per cent in December, its highest level in a year, official data showed on Wednesday.
The figure, up from 62 per cent in November, was in line with estimates. Core inflation rose less, from 69.9 per cent year-on-year in November to 70.6 per cent.
Since winning re-election in May, Recep Tayyip Erdoğan, Turkey’s president has allowed the central bank to raise interest rates by 34 percentage points to tackle rising prices. The next interest-rate-setting meeting is on January 25.
In December, restaurant and hotel prices nearly doubled year-on-year, while food prices rose 72 per cent and transportation costs climbed 77 per cent, the Turkish Statistical Institute said.