Learn Turkish: Fiyatlar artacaktı, nitekim enflasyonda büyük bir yükseliş gördük. - Prices were going to increase, indeed we saw a big rise in inflation.

It acts as a conjunction of factual confirmation. The first clause states a past expectation (Fiyatlar artacaktı), and nitekim introduces the real-world evidence that proves it right. It translates closely to "sure enough," "indeed," or "as a matter of fact."

Does the -acaktı ending in artacaktı imply that the action didn't happen?

Not in this case! While the future-in-the-past tense (-acaktı / -ecekti) is very often used for unfulfilled plans (like "I was going to go, but..."), here it simply describes an expectation that existed in the past. The conjunction nitekim steps in to confirm that this expectation actually did come true.

Why do we use the locative case in enflasyonda (in inflation) rather than making it a possessive phrase like "inflation's rise"?

Using the locative (-da / -de) is the standard way to express a change in a certain metric or field in Turkish. While a possessive structure like enflasyonun yükselişi (the rise of inflation) is grammatically possible, saying you saw a rise enflasyonda (in inflation) is much more natural for economic indicators.

What is the function of the -iş suffix in the word yükseliş?