Inflation in Turkey reaches its highest level in 24 years, recording 83%

3 October, 2022
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Inflation in Turkey reaches its highest level in 24 years, recording 83%

Official data showed that the Turkish annual inflation jumped to a new peak representing the highest level in 24 years at 83.45% in September, to come below expectations, after the central bank surprised the markets by cutting interest rates twice in the past two months despite the high prices.


The Turkish Statistical Institute announced that consumer prices rose 3.08% on a monthly basis, compared to the expectations of a Reuters poll of 3.8%. On an annual basis, consumer price inflation was expected to be 84.63%.


The producer price index rose 4.78% on a monthly basis in September, recording an annual increase of 151.50%.


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