Turkey annual inflation hits 24.5pc in Sept

The annual inflation rate in Turkey rose to nearly 25 per cent in September, official statistics showed on Wednesday, as the Turkish lira remains weak against the US dollar despite a sharp interest rate hike last month, reports AFP from Ankara.

Consumer prices accelerated to 24.52 per cent in September from the same month last year, up from a 17.9 per cent increase recorded in August, according to the Turkish statistics office (TUIK).

The figure was substantially higher than the Bloomberg consensus forecast of 21.1 per cent.

The Turkish lira weakened to 6.0 against the US dollar, a loss of 1.5 per cent on the day, after the data were released.

The lira has lost over 37 per cent in value against the greenback since the beginning of the year.

Furnishings and household equipment saw the biggest gain, to 37.3 per cent, TUIK said in a statement.

Prices for transport rose 36.61 per cent while those for food and non-alcoholic drinks climbed by 27.7 percent.

 

Turkey annual inflation hits 24.5pc in Sept

The annual inflation rate in Turkey rose to nearly 25 per cent in September, official statistics showed on Wednesday, as the Turkish lira remains weak against the US dollar despite a sharp interest rate hike last month, reports AFP from Ankara. Consumer prices accelerated to 24.52 per cent in September from the same month last year, up from a 17.9 per cent increase recorded in August, according to the Turkish statistics office (TUIK). The figure was substantially higher than the Bloomberg consensus forecast of 21.1 per cent. The Turkish lira weakened to 6.0 against the US dollar, a loss of 1.5 per cent on the day, after the data were released. The lira has lost over 37 per cent in value against the greenback since the beginning of the year. Furnishings and household equipment saw the biggest gain, to 37.3 per cent, TUIK said in a statement. Prices for transport rose 36.61 per cent while those for food and non-alcoholic drinks climbed by 27.7 percent.