Turkey inflation hits fresh 24-year high of 83% in September, shows data

Turkish inflation accelerated last month to a level last seen in mid-1998, fueled by an experimental central bank policy that has chased away foreign investors and eroded the lira’s value.

Consumer prices rose 83.5 per cent on an annual basis in September, according to data released on Monday by Turkey’s statistics agency, in line with the median forecast in a Bloomberg survey. Monthly inflation quickened 3.1 per cent, slightly less than expected in a separate poll. 

The acceleration follows a series of interest-rate cuts this year by central bank Governor Sahap Kavcioglu that threaten to pile even more pressure on inflation. The