Turkish Inflation Soars, Fueling Fears of Economic Crisis
Turkey saw the inflation rate rise to nearly 18 percent in August, a 15-year high fueled by a collapse in the Turkish lira, which fell more than 20 percent over the past few weeks. The rising inflation and a falling currency are stoking fears Turkey is on the verge of financial and economic crisis. "It's the beginning of the slippery slope. It's going to get worse unless there is a miraculous improvement in the exchange rate," political analyst Atilla Yesilada of Global Source Partners said. "We've reached the stage where there is nothing to anchor price expectations. People simply can't gauge what prices or wages or costs will be next month." "It's a very dismal set of numbers. The likelihood is headline inflation will reach 20 percent in (the) coming…