Turkey’s inflation rate has hit a 24 year high.
Turkey’s annual inflation climbed to a fresh 24-year high of 80.21% in August, a bit below expectations according to official data,after the central bank unexpectedly cut interest rates and stoked a cost-of-living crisis.
Despite expectations that inflation is not expected to fall in the next few months, the bank lowered its key rate by another 100 basis points last month to 13%, citing indications of an economic slowdown. That was the highest reading since August 1998, when annual inflation was 81.4% and Turkey was battling to end a decade of chronically high inflation.
The Turkish government has claimed that inflation rates will lower due to economic program prioritizing.The data had little impact on the lira, which traded at 18.2250, unchanged from its early levels.
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