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View all search resultsTurkish inflation tops 85%, highest since 1997
Annual rate of consumer price increases reached 185.34% in October: Study.
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T
urkish inflation surged past 85 percent in October, its highest level since 1997, official data showed on Thursday, as Turkish President Recep Tayyip Erdogan sticks to unorthodox policies to combat a cost-of-living crisis.
Central banks worldwide are raising borrowing costs in efforts to tame soaring consumer prices, but Turkey has bucked the global trend, with Erdogan calling higher interest rates his "biggest enemy".
Last month, Turkey's central bank cut its policy rate for a third consecutive time, bringing it down to 10.5 percent from 12 percent.
With an election looming next year, Erdogan argues that high rates are the cause of inflation, not the opposite, in defiance of orthodox economic theories.
Turkey's inflation has steadily risen since reaching a low of 16.6 percent in May 2021.
It hit 85.51 percent in October, according to state statistics agency TUIK, up from 83.45 percent in September.
Independent economists, however, say the rate is more than twice as high.
