Turkish inflation ticks up in July at 47.83 percent

Turkey's annual inflation climbed in July to 47.83 percent, up sharply from 38.2 percent, official data showed on Thursday, a week after the central bank more than doubled its year-end forecast. 

The new figure, in line with expectations, comes as Turkey radically shifts its policies since the May election that includes an end to more than a two-year era of ultra-low interest rates.

Last week, the central bank revised its year-end inflation forecast to 58 percent from 22.3 percent after years of doubts from independent economists about the official rate.

The official rate had been steadily dropping since reaching a more than two-decade high of 85 percent in October last year. The central bank and economists have forecast an upward trend from July.

The consumer prices skyrocketed by almost 9.5 percent on a month-on-month basis, according to the TUIK state statics agency.