Unexpectedly high inflation in Turkey rises to 32.4 percent in April

Analysts had expected average inflation of 31.3 percent - that is, price increases at an annual rate, according to Bloomberg.

Compared to the previous month, consumer prices rose by 4.2 percent in Turkey in April. This compares with a monthly price increase of 1.9 percent in March.

The Turkish central bank has a policy rate of 37 percent, but is increasingly responding to inflationary pressures by tightening overnight lending rates to 40 percent to curb credit growth and inflation.