turkeys annual rate of inflation rose for the seventh consecutive month in december rising to its highest level since september 2002 as a weaker lira and higher inflation expectations pushed prices up further the consumer price index rose 3608 in december compared with the same period of 2020 the turkish statistics office turkstat said monday consumer prices were up 1358 on month in december turkstat said facing pressure from president recep tayyip erdogan the turkish central bank in december cut its benchmark interest rate for the fourth time in four months despite rising doubledigit inflation that sits far above its 5 medium target the president remains fixated on the unconventional view that higher rates cause rather than rein in price rises the prospect of further rate cuts has sparked a severe selloff in the lira increasing the cost of essential imports and stoking inflation