Inflation in Turkey rose again in August to nearly 18 percent, official statistics showed on Monday, a record since late 2003 and coming after the Turkish lira dramatically weakened against the US dollar last month. Consumer prices rose 17.9 percent in August from the same month in the previous year, up from 15.85 percent in July, according to the Turkish statistics office (TUIK), increasing pressure on the central bank to hike interest rates. The lira was worth 6.5 against the US dollar, a loss of nearly two percent on the day, after the data were released.
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