ISTANBUL, Nov 1 (Reuters) - Turkey’s central bank sees an upward trend in the inflation of core goods in October, it said in the minutes of its latest meeting released on Wednesday, citing the end of temporary tax reductions for some products.
The bank last week kept interest rates steady for the fourth consecutive meeting, in line with market expectations, as it looks to balance double-digit inflation with President Tayyip Erdogan’s calls for cheaper credit.
“The fact that inflation expectations and the pricing behaviour show no sign of improvement jeopardises the inflation outlook. All these developments necessitate the maintaining of the tight monetary policy stance,” the bank said in the minutes, which were posted on its website on Wednesday. (Reporting by Daren Butler; Writing by Ezgi Erkoyun; Editing by David Dolan)