Headline Turkey inflation at new 24-year high of 83% after rate cuts

Turkish annual inflation climbed to a new 24-year high of 83.45% in September, below forecast according to official data on Monday, after the central bank surprised markets by cutting rates twice in the last two months.

Month-on-month, consumer prices rose 3.08%, the Turkish Statistical Institute said, compared to a Reuters poll forecast of 3.8%.

Annually, consumer price inflation was forecast to be 84.63%.

It was the highest annual figure since July 1998, when it stood at 85.3% and Turkey was battling to end a decade of chronically high inflation.

September inflation was driven by transport prices, which surged nearly 118% year-on-year, while food and non-alcoholic drinks prices jumped 93.05%. (Source.

Reuters)