Post BRICS summit analysis.
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One of the world’s worst inflation crises closed in further on another grim milestone in Turkey, and government efforts to help the population cope with the fallout only threaten to make it worse.
Price growth has been in the double digits almost without interruption since the start of 2017, but it exploded this year near a quarter-century high on the back of soaring energy and other commodity costs.
Data on Monday showed annual inflation accelerated for a 13th straight month to 78.6% in June, an uptick that was slightly less than forecast by economists. Further upward pressure came from energy prices, which soared 151.3% from a year earlier, while food inflation reached almost 94%.
Price growth has been in the double digits almost without interruption since the start of 2017, but it exploded this year near a quarter-century high on the back of soaring energy and other commodity costs.
Data on Monday showed annual inflation accelerated for a 13th straight month to 78.6% in June, an uptick that was slightly less than forecast by economists. Further upward pressure came from energy prices, which soared 151.3% from a year earlier, while food inflation reached almost 94%.
