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Yearly inflation in Turkiye rises to 24-year high of 85%

05 November 2022 14:38 (UTC +04:00)

Annual inflation in Turkey continued to rise in October, official figures showed Thursday, pushing the price of essential goods higher and amplifying a cost-of-living crisis in the country, APA reports citing Reuters.

Consumer prices rose to 85.51% in October from a year earlier and by 3.54% from the previous month, the Turkish Statistical Institute said.

Last month, the inflation rate was the highest in 24 years.

Experts, however, maintain that inflation is much higher than the official figures. The independent Inflation Research Group on Thursday put the annual rate at 185%.

Last month, Turkey’s central bank slashed interest rates for the third month in a row, down to 10.5%, in line with Erdogan’s economic views. The Turkish president has signalled more rate cuts to bring the key interest rate to single digits.