Inflation in Turkey is at its highest level since World War II

4 October, 2022
Share with a friend

Inflation in Turkey is at its highest level since World War II

The inflation rate in Turkey rose to its highest level in 24 years, exceeding 83% in September, official figures showed, a week after the central bank announced a cut in interest rates.


Turkey's monetary policy officials oppose the international approach of central banks raising interest rates to fight inflation, while higher borrowing rates are calming the economy and prices.


Turkish President Recep Tayyip Erdogan, who has been focused on growth ahead of a general election in June, has consistently argued that high interest rates encourage inflation as the "biggest enemy".


The central bank followed its usual policy and lowered the rate from 13 to 12% last month.


Erdogan also called for a new rate cut at the Bank's next monetary policy meeting on October 20.


Share with a friend