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Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Turkish inflation rate hits 24-year high

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Oct 2022 12:08
2 Min Read

The inflation rates in Ankara have been on an increase, reaching the highest since 24 years.

  • x
  • The Turkish lira is in deterioration.
    The Turkish lira is in deterioration.

Inflation in Turkey has jumped reaching a 24-year high, surpassing 83% in September, according to official data presented on Monday, just after the Turkish central bank cut interest rates. 

Ankara is following the West's banking trend by raising interest rates in an effort to combat the nation's spiraling inflation, which analysts fear will only cause a recession.

However, the Turkish president called the higher rates his "biggest enemy." Recep Tayyip Erdogan focused on growth ahead of the coming elections in June 2023, repeatedly voicing his stance against the increasing rates.

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Following his vision, the central bank decreased the policy rate to 12% from 13% last month, while Erdogan insists on more cuts.

The TUIK state statistics agency said on Monday that consumer prices increased by 83.45% in September, up from 80.2% in August. After the announcement, the Turkish lira hit a new low of 18.56 against the US Dollar. 

See more: The Economic Crisis in Turkey

Turkey's annual inflation rate in June jumped to 78.6 percent, reaching the highest in 24 years back then. 

The official inflation rate was above 70% in April, according to figures, posing a significant challenge to President Recep Tayyip Erdogan's government.

  • Turkey
  • Ankara
  • Turkish inflation

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