Highlights

  • The lira hit a new record low of 18.56 against the US dollar
  • Transport sector saw the sharpest increases in annual prices at 117.66%

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This country's inflation surges to 83%

Prices are rising quickly around the world, due to factors including Covid-related supply shortages and the Ukraine war

Turkish inflation jumped to a new 24-year high exceeding 83 percent in September, as President Recep Tayyip Erdogan presses for more interest rate cuts despite surging prices.

Turkey's monetary policymakers are bucking the global trend of central banks raising interest rates to combat inflation, as high borrowing rates cool down the economy and prices.

But Erdogan, who has focused on growth ahead of a general election in June, has repeatedly railed against higher rates, calling them his "biggest enemy".

The transport, food and housing sectors have seen the biggest rise in prices.

The transport sector saw the sharpest increases in annual prices at 117.66%, followed by food and non-alcoholic drinks at 93%. The lira, meanwhile, hit a new record low of 18.56 against the US dollar.

Inflation Rate began to rise worldwide after economies emerged from Covid lockdowns but it worsened this year as Russia's invasion of Ukraine sent energy and food prices through the roof.

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