By Nihad Ahmed
Turkey's annual rate of inflation continued to edge up in August, marking its highest print since September 1998, the country's statistics office Turkstat said Monday.
The consumer price index rose 80.2% in August compared with the same month in 2021. The annual inflation rate in July was 79.6%. Economists had expected inflation to reach 81.1% in August, according to a FactSet poll.
Transportation registered the biggest on-year increase, followed by furnishings and household equipment and food and non-alcoholic beverages, Turkstat data showed.
The inflation rate has been on an upward trend since May 2021. The central bank's aggressive easing cycle at the end of last year sparked sharp falls in the lira. This, coupled with energy tariff hikes at the start of 2022 and the shock to commodity markets from the war in Ukraine, have led to a rapid surge in prices.
Consumer prices were up 1.46% on month in August after climbing 2.37% the previous month, the data showed.
Write to Nihad Ahmed at nihad.ahmed@wsj.com
