Turkey Inflation Hits New 24-year High of 83% After Rate Cuts

 

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Turkish annual inflation climbed to a new 24-year high of 83.45% in September, data showed on Monday, still lower than forecast, after the central bank surprised markets by cutting rates twice in the last two months.

Despite soaring prices, the central bank was expected to cut its policy rate again this month, after President Tayyip Erdogan called for single-digit interest rates by the end of the year.