Turkey's inflation likely to continue as prices bite consumers: analysts

STORY: Turkey's inflation likely to continue as prices bite consumers: analysts DATELINE: March 8, 2022 LENGTH: 00:02:06 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: various of cities in Turkeyvarious of liravarious of markets, streets, stores and restaurants STORYLINE: Turkey's high inflation rate has yet to fade, even after the government introduced measures to combat price hikes, and high inflation is expected to continue due to a global rise in energy prices and complicated geographical situations, analysts have said. Inflation in Turkey has increased from 48.7 percent in January to 54.44 percent in February, hitting a 20-year high. High inflation has dealt another blow for the Turkish lira, which has lost about 60 percent of its value since the beginning of 2021. Despite inflation is running at a fast pace, Turkey's central bank has cut interest rates by 500 basis points to 14 percent, following Turkish President Recep Tayyip Erdogan's economic policy of lowering borrowing costs. In February, the T