Turkish inflation jumps to nearly 59 per cent

ISTANBUL, Sept 04 (Arab News): Turkey's annual inflation rate surged to a higher-than-expected 58.94 per cent in August, official data showed on Monday, rising for a second month after a steep fall in the lira currency and recent tax increases.
Month-on-month, consumer price inflation was 9.09 per cent, easing slightly from 9.49 per cent a month earlier. Price rises in transportation drove the monthly measure higher, while price increases for hotels, cafes and restaurants drove the annual measure.
Finance Minister Mehmet Simsek - who has spear-headed a summer policy U-turn meant to rein in prices - said the fight against inflation would take time and patience was needed in the transition period.