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Turkey's inflation hits 24-year high of 85.5%

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Turkish annual inflation climbed to a new 24-year high of 85.51% in October, official data showed today, after the central bank cut its policy rate despite the surging prices.

This came after Turkey's central bank began cutting its policy rate in an easing cycle long sought by President Tayyip Erdogan, running counter to the global tightening cycle.

Erdogan, who holds sway over the bank's decisions, has called for a single-digit policy rate by year-end. The annual inflation in October was the highest since June 1998, when Turkey was working to end a decade of high inflation. Transportation, which includes petrol prices, led the annual rise with 117.15%, followed by food prices at 99.05% and furniture and household equipments at 93.63%.

 

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Turkeys counter intuitive and anti-factual experiment with interest rates, is not paying off for ordinary Turks

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