image of Turkish currency (Twitter)
A week after the central bank announced a rate drop, Turkey’s official inflation rate increased to more than 83 percent on Monday from 80.2 percent in August.
According to the official statistics office, consumer prices increased by 83.5% in September when compared to the same month last year.
After the central bank unexpectedly slashed interest rates last month, data released on Monday showed Turkey’s annual inflation rate surged to its highest level in 24 years, but the results fell short of forecasts.
According to data from the Turkish Statistical Authority issued on Monday, Bloomberg News Agency reported that the annual inflation rate rose for the fifteenth straight month to reach 80. 2% last August on an annual basis, up from 79. 6% in July.
Since the central bank steadily dropped interest rates by 500 basis points to 14 percent last fall, as required by Turkish President Recep Tayyip Erdogan, the currency has plummeted and inflation has increased.
Turkey’s inflation rate has increased to 83.35 percent.
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