According to the Turkish Statistical Institute, monthly consumer price increases were 3.54 percent, as opposed to the 3.60 percent forecast in a Reuters survey.
Consumer price inflation was projected to increase by 85.6% annually.
In October, the local producers price index increased 157. 69 percent annually and 7. 83 percent monthly.
The Turkish Central Bank reduced interest rates by 150 basis points on October 20, to 10.
5 percent, carrying on President Recep Tayyip Erdogan’s tradition of interest rate reductions.
There were barely 100 basis points of expectations.
The reducing interest rates in Turkey at the end of last October was the third in a row, as the Turkish Central decided to reduce the interest by 100 basis points last August for the first time since the beginning of the year, then reduced it with the same amount in September.
The currency suffered a severe collapse as a result of the Turkish Central Bank’s lax monetary policy, losing more than 28% of its value this year, which also contributed to the inflation spike brought on by rising energy and food costs.
Turkey’s inflation is at its highest level in 24 years.
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