Turkey’s annual inflation hits 15-year high at 24.5 pct


Turkey’s consumer price index increased 24.52 percent in September year-on-year, the Turkish Statistical Institute (TÜİK) revealed on Oct. 3.

It rose 6.3 percent from the previous month, far higher than the 3.6 percent average increase in a Reuters poll of 15 economists.

On a yearly basis, the biggest price hike was in furnishing and household equipment in September — up at 37.28 percent — and in transportation at 36.61 percent.

Food and non-alcoholic drinks’ prices, key to consumer price inflation, surged 6.4 percent month-on-month.

Producer prices rose 10.88 percent month-on-month in September for an annual rise of 46.15 percent, the data showed.

After inflation rose 17.9 percent year-on-year in August, the Turkish Central Bank signaled that it would take action against “significant risks” to price stability.

It subsequently raised its benchmark rate by a hefty 625 basis points on Sept. 13, the biggest such increase in President Recep Tayyip Erdoğan’s 15-year rule, providing some support to the ailing Turkish Lira which has fallen about 40 percent against the U.S. dollar this year.


Please enter your comment!
Please enter your name here