Turkey’s inflation jumps to 83% highest level in nearly in 24 years

Turkey’s inflation rate rose to its highest level in 24 years exceeding 83 percent last September a week after the central bank announced a cut in interest rates, according to official figures showed on Monday.

September inflation was driven by transport prices, which surged nearly 118 percent year-on-year, while food and non-alcoholic drinks prices jumped 93.05 percent.

President Recep Tayyip Erdogan called for a new rate cut at the Bank’s next monetary policy meeting on October 20.

The official Turkish Statistical Agency stated that consumer prices rose by 83.5 percent in September compared to the same period last year.