The annual inflation rate in Turkey reached a new high on Monday, reaching 83.45%, the highest amount in 24 years, according to official figures.
The Turkish Statistics Authority said today, Monday, that during September 2022, inflation increased by 83.45% on an annual basis.
The consumer price index in Turkey tracks a basket of all consumed products and services to determine changes in the overall level of prices.
The “Independent Inflation Research Group” calculated that the yearly rate of inflation was 186.27 percent. Experts claim that the amount of inflation is significantly higher than the official numbers.
In spite of rising rates and the lira’s decline, Turkey’s central bank slashed interest rates once again last month, bringing the benchmark rate down to 12 percent.
Since the central bank started lowering interest rates last year, the lira has lost more than 50% of its value in relation to the dollar.
Origin: AB.
Inflation in Turkey is at its highest level in 24 years.
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