ANKARA, Turkey (AP) — Turkey’s central bank said it would re-adjust its monetary policy at its next meeting, after Turkey’s annual inflation rate increased to nearly 18 percent in August.
Turkey’s statistics agency said Monday that the consumer price index was up 17.9 percent in August compared with the previous year. That’s up from a rate of 16 percent in July.
The central bank, which independent experts say should increase interest rates, is under pressure from President Recep Tayyip Erdogan to keep them low. It said Monday it would use any means to keep prices stable.
The bank meets Sept. 13 to set rates.
The lira has depreciated by some 40 percent against the dollar since the start of the year over concerns about Erdogan’s economic policies and a spat with the United States.
