Economics
Turkish Inflation Near Record High in Erdogan Era on Lira
- CPI gain fastest since 2003, year of Erdogan’s ascent to power
- Surging prices even after rate hike troubling for central bank
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Turkey’s consumer inflation climbed to one of the highest levels since President Recep Tayyip Erdogan came to power 15 years ago, spurring calls for higher interest rates to rein in prices.
The inflation rate rose for a sixth month to 24.5 percent in September from a year earlier, above all expectations in a Bloomberg survey where the median estimate was 21.1 percent. The monthly rate was 6.3 percent, driven by an across-the-board spike provoked by the lira’s meltdown. Treasury and Finance Minister Berat Albayrak blamed hoarders and speculators, and predicted inflation would stop quickening in October.