Turkish Inflation Tops 85% In Likely Peak for This Year
- Erdogan has ruled out raising interest rates to curb inflation
- Economists see prices remaining elevated even after peak
Turkey’s official inflation is currently 17 times higher than the central bank’s target.
Photographer: Erhan Demirtas/BloombergThis article is for subscribers only.
Turkish annual inflation accelerated for the 17th month in a row in October, driven by a surge in food prices and energy costs, to its likely peak during President Recep Tayyip Erdogan’s two decades in power.
Consumer prices rose an annual 85.5% through last month, official data on Thursday showed, slightly lower than the median forecast in a Bloomberg survey. Monthly inflation was 3.54%.