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Turkish yearly inflation jumps to almost 25 percent

October 3, 2018

ANKARA, Turkey (AP) — Turkey’s statistics agency says the country’s inflation rate jumped to almost 25 percent in September amid a sliding currency.

The State Statistics Institute figures released on Wednesday showed that the consumer price index was 24.5 percent in September compared with the previous year. That’s up from 17.9 percent reported in August.

The Turkish lira has depreciated by close to 40 percent against the dollar since the start of the year over concerns about President Recep Tayyip Erdogan’s economic policies and a diplomatic and trade spat with the United States.

Last month, the Turkish central bank raised its key interest rate sharply — from 17.75 percent to 24 percent — in a bid to contain inflation and stem the currency crisis, despite Erdogan’s opposition to rate hikes.

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