Turkey’s inflation rises to 85.5%, a 24-year high, Following Interest rate cut. annual inflation rate rose to 85.51% in October, a new 24-year high,
The lira sank last year, resulting in the central bank lowering its policy rate as part of an easing cycle,
Aside from the 44% drop in the lira last year and a 29% increase in energy prices this year,
rising inflation was the main reason behind this.
The central bank decreased its policy rate to 10.5% during the past three months by a total of 350 bps.
Textile costs increased by 8.34% month over month. Followed by food prices, which increased by 5.09%, and prices for furniture and other household goods. Which increased by 4.38%.
Food prices were next on the list of annual increases. At 99.05%, followed by furniture & household equipment at 93.63% & transportation, which includes gasoline prices, at 117.15%.
In October, Domestic producer price index increased
by 7.83% month over month and 157.69% year.