Turkish annual inflation fell slightly to 55.18% in February, official data showed on Friday, just below forecast, following massive earthquakes that hit its southeast region and killed more than 45,000 people just under a month ago.
The lira traded at 18.8920 after the data, unchanged from its close on Thursday. The currency has been mostly flat since the summer due largely to state management. Inflation has been stoked by a currency crisis at the end of 2021 and hit a 24-year peak of 85.
51% in October. The central bank cut its policy rate despite soaring inflation to preserve growth momentum and added a further 50 basis point cut following the earthquake. Economists and government officials expect the earthquake, which damaged hundreds of thousands of buildings, to cost more than $50 billion lira and shave one to two percentage points off the country's economic growth this year.Our Standards:
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