Turkey’s inflation is spiralling near 70% with rates at peak

The cost of food, which accounts for about a quarter of Turkey’s inflation basket, probably rose by 8.5% in February from January, according to QNB Finansbank, more than double its estimate of overall monthly inflation

Turkey’s annual inflation probably swung to a 15-month high, an acceleration closely watched by a central bank that is still on alert after ending interest-rate hikes.

This year’s steep minimum wage hike is combining with higher food prices to drive up cost pressures for an economy long scarred by inflation.