Inflation in Turkey rose to 67.1% in February

Turkey's annual inflation rose again in February, reaching 67.1% despite a series of interest rate hikes, official data show.

Turkey's central bank kept its key interest rate at 45% last month, pausing after eight consecutive increases aimed at taming consumer prices, which remained steady at 64.9% in January.

On a month-on-month basis, inflation rose by 4.5% in February, slower than the 6.7% increase recorded in January.

Inflation continues to be a pressing issue for President Recep Tayyip Erdogan's government ahead of local elections in March.

His ruling party is trying to regain control of major cities, including Istanbul and the capital Ankara, which is currently held by the main opposition party.

Erdogan said on Sunday that anti-inflation policies "will start to be felt in practice towards the end of the year". / BGNES