Turkish inflation rate hits 24-year high
The inflation rates in Ankara have been on an increase, reaching the highest since 24 years.
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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.
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.
