Turkish lira slides to new low after jump in US inflation

ANKARA, Turkey (AP) — The Turkish lira again has slid to a record low against the U.S. dollar after a surge in U.S. consumer prices inflamed concerns over President Recep Tayyip Erdogan’s push to cut interest rates. The lira dropped to an all-time low of 9.97 against the dollar early Thursday before settling at around 9.93 against the U.S. currency. The lira’s slump came after U.S. consumer prices jumped 6.2% in October compared with a year earlier, the highest inflation rate since 1990. Erdogan has long been pressing for lower borrowing rates to boost growth. Economists generally view higher interest rates as a curb on inflation.