Turkey’s inflation hits new 24-year high ...Qatar

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Turkey’s inflation hits new 24-year high
source : Gulf Times ( Qatar ) () 22
Turkey’s annual inflation climbed to a fresh 24-year high of 80.21% in August, a bit below expectations according to data yesterday, after the central bank unexpectedly cut interest rates and stoked a nearly year-long cost-of-living crisis. Inflation has raced higher since last autumn when the central bank gradually cut its policy rate by 500 basis points to 14%, in an unorthodox easing cycle sought by President Tayyip Erdogan that set off a lira crisis. Despite expectations that inflation will remain lofty, the bank cut rates by another 100 basis points last month to 13%, citing a slowing economy. Month-on-month, consumer prices rose 1.46%, the Turkish Statistical Institute (TUIK) said, co

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