A weak Turkish Lira and some price rises, (mainly transportation), pushed Turkey’s headline inflation up higher than expected in September, raising questions about whether it would overshoot the Central Bank’s full-year forecast of 6.2%.

The consumer price index (CPI) rose 0.77% in September, compared to August, for a year-on-year increase of 7.88%, the Turkish Statistics Institute reported.

Central Bank Governor Erdem Başçı told local press last week that the lira’s fall had worsened the outlook for inflation. He said the bank would implement additional monetary tightening if there were risks of price growth getting out of control.

Başçı said the lira, which hit its weakest ever against the dollar in early-September, was unjustifiably weak, and said inflation would be higher than the bank’s previous forecast – an argument for more action.

Turkey imports 90% of its oil and 72% of its total energy needs from abroad.