Global site navigation

Turkey's inflation rate hits fresh 24-year high
Business and Economy

Turkey's inflation rate hits fresh 24-year high

by  AFP 1 min read
Turkey's monetary policymakers are bucking the global trend of central bank raising interest rates to combat inflation
Turkey's monetary policymakers are bucking the global trend of central bank raising interest rates to combat inflation. Photo: Yasin AKGUL / AFP/File
Source: AFP

PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly News on your News Feed!

Turkish inflation jumped to a new 24-year high exceeding 83 percent in September, official data showed Monday, after the central bank cut interest rates despite surging prices.

Turkey's monetary policymakers are bucking the global trend of central bank raising interest rates to combat inflation, as high borrowing rates cool down the economy and prices.

But President Recep Tayyip Erdogan, who has focused on growth ahead of a general election in June, has repeatedly railed against higher rates, calling them his "biggest enemy".

The country's central bank has followed his philosophy, lowering its policy rate to 12 percent from 13 percent last month.

Erdogan has called for more rate cuts at the bank's next policy meeting on October 20.

The TUIK state statistics agency said Monday that consumer prices rose by 83.45 percent in September on an annual basis, up from 80.2 percent in August.

Read also

Tesla says deliveries increased in Q3

PAY ATTENTION: Follow Briefly News on Twitter and never miss the hottest topics! Find us at @brieflyza!

The Turkish lira hit a new record low of 18.56 against the dollar following the announcement.

But opposition leaders and many Turks no longer trust official government data.

A respected monthly study released by independent economists from Turkey's ENAG research institute also showed prices soaring -- at a much higher rate than the one reported by the state statistics agency.

ENAG said the official annual rate of consumer price increases reached 186.27 percent in September, compared to 181.37 percent in August.

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.

Hot: