Turkish inflation ticks up in July at 47.83pc

ISTANBUL, Aug 03 (AFP): Turkey's annual inflation climbed in July to 47.83 per cent, up sharply from 38.2 per cent, official data showed on Thursday.
The new figure, in line with expectations, comes a week after the central bank more than doubled its year-end forecast to 58 per cent from 22.3 per cent after years of doubts from independent economists about the official rate.
The official rate had been steadily dropping since reaching a more than two-decade high of 85 per cent in October last year. The central bank and economists have forecast an upward trend from July.
At her debut press conference last week, new central bank governor Hafize Gaye Erkan said inflation would be rise "temporarily" due to the rising exchange rate of the lira as well as fiscal measures.
Under the former Goldman Sachs and First Republic Bank executive, the central bank twice hiked its interest rates from 8.5 per cent to 15 per cent.