Turkey October Inflation Up 85.51% YoY... Highest in 25 Years

President Recep Tayyip Erdogan of Turkey
[Photo by Yonhap News]

[Asia Economy Reporter Choi Dong-hyun] Turkey's consumer prices in October showed the highest increase in 25 years.

According to AFP and other sources, Turkey's consumer prices in October rose 85.51% compared to the same period last year and 3.54% compared to the previous month. This is an increase of 2.06 percentage points from the previous month's inflation rate of 83.45%, marking the highest level in 25 years since 1997.

Turkey's prices have been soaring rapidly due to the economic crisis caused by the COVID-19 shock and the surge in energy and grain prices following Russia's invasion of Ukraine.

In this situation, the Central Bank of Turkey lowered the base interest rate from 12% to 10.5% last month, the largest cut this year, marking the third consecutive month of rate cuts. This is the exact opposite of the actions taken by the United States and others, who are raising interest rates to curb inflationary pressures.

This content was produced with the assistance of AI translation services.