Turkish inflation climbs above 16% after lira decline


ISTANBUL, April 5 (Reuters) - Turkish inflation climbed to 16.19% year-on-year in March, data showed on Monday, touching the highest level since mid-2019 and keeping up pressure on new central bank governor Sahap Kavcioglu to maintain tight monetary policy.

Month-on-month, consumer prices rose 1.08%, the Turkish Statistical Institute said, compared to a Reuters poll forecast of 1.04%. In February, annual inflation stood at 15.61%. The poll forecast 16.11% for March, well above a 5% official target.

The producer price index rose 4.13% month-on-month in March for an annual rise of 31.2%, the data showed.

The central bank hiked its policy interest rate to 19% in March citing inflation concerns. However the surprise ousting of the former bank chief last month pushed the lira currency near its record lows, adding renewed pressure on inflation.

(Reporting by Oben Mumcuoglu; Writing by Ezgi Erkoyun; Editing by Jonathan Spicer)

((ezgi.erkoyun@thomsonreuters.com; +90-212-350 7051; Reuters Messaging: ezgi.erkoyun.thomsonreuters.com@reuters.net;))

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