Turkey’s annual inflation rose more than expected to 15.61% in February, the highest since mid-2019, according to official data on Wednesday, keeping pressure on the central bank to maintain one of the tightest monetary policies globally.

Month-on-month, consumer prices rose 0.91% in February, according to the Turkish Statistical Institute (TurkStat).

Turkish inflation has been stuck in double digits for most of the last four years and has edged higher the last four months despite sharp interest rate hikes late last year. It stood at 14.97% in January.

The median estimate in a Reuters poll of 16 economists for the annual consumer price inflation in February was 15.39%, with forecasts ranging between 15.10% and 15.70%.

A Bloomberg survey of 21 economists had forecast the inflation to rise to 15.4%, while Anadolu Agency (AA) poll projected it to reach 15.45%.

The producer price index rose 1.22% month-on-month in February for an annual rise of 27.09%, the data showed.

The lira rose on Wednesday as surging consumer prices called for monetary policy to remain tight. The currency firmed 0.4%, with gains so far this week putting it back in the black for the year.

The Istanbul Chamber of Commerce (ITO) said the annual inflation in Istanbul increased to 15.5% last month, up from 15.1% in January, with evidence that food-price gains may be above seasonal averages.

Below are some highlights from the inflation data: