Inflation expectations in Turkey have worsened to 69.9 percent, according to a monthly poll of market participants by the central bank, writes Ahval.

Consumer price inflation expectations rose from 64.6% in June, the central bank said on Friday.

Annual inflation in Turkey reached 78.6 percent last month, the highest level since 1998. Prices in the country are growing at the fastest pace in industrialized countries and emerging markets.

Inflation expectations stood at 15.6% last August, a month before the central bank responded to government calls to cut interest rates. It has kept its base rate unchanged at 14 percent since January, despite accelerating price increases.