Inflation in India

Australia's central bank hiked interest rates to an 11-year high yesterday and warned that further rises may be on the horizon to get surging prices under control.

The Reserve Bank of Australia lifted the key rate 25 basis points to 4.1 percent, its highest level since May 2012, with governor Philip Lowe saying inflation had "passed its peak" but was still stubbornly high.

The Central Bank has not changed its 2023 inflation forecast and maintained its year-end consumer price index at 22.3 percent.

The Central Bank of Turkey (CBRT) submitted an open letter to the government on Feb. 2 explaining why annual inflation was higher than the country's target range last year.

Turkey's annual inflation rate was 14.6% in December 2020, remaining outside the uncertainty band around the 5% target.

In August, production prices in Bulgaria rise for the second consecutive month as their growth accelerates and on an annual basis, according to data from the National Statistical Institute, which is a prerequisite for a certain increase in inflationary pressure in the country.

The consumer price index in May 2019 compared to April 2019 was 100.1%, i.e. the monthly inflation was 0.1%. The inflation rate since the beginning of the year (May 2019 compared to December 2018) has been 1.8% and the annual inflation in May 2019 compared to May 2018 was 3.5%.

The surge in Turkey's annual inflation has been driven by rises in basic goods, food and energy prices, the Central Bank said in a monthly report released on Oct. 4.

At the same time, the decision was made to narrow the interest rate corridor from 1.5 to 1.25 percentage points, meaning that the deposit facility rate remains unchanged.

A weak Turkish Lira and high import costs have led to increased inflation rate in Turkey, the head of the Turkish Central Bank has said, while also pointing to the potential negative impacts of high consumer prices over pricing behaviors.

In making that decision, the Executive Board was primarily guided by the inflation projection and inflation factors in the coming period, the NBS said in a press release.

In accordance with the NBS expectations, inflation in February was lowered to 1.5 percent year-on-year, primarily on account of the high base from the prices of products that underwent one-off hikes early in 2017.

The consumer price index in November 2017 compared to October 2017 was 100.4%, i.e. the monthly inflation was 0.4%, according to data of the National Statistical Institute.