Inflation in Turkey marked its 17th consecutive monthly increase in October, reaching 85.5% from the same month last year as food and energy prices soared.
Food prices continued to rise by 99% in October, compared to the same period last year, while housing increased by 85% YoY, and transportation rose 117%, according to the data released from the Turkish Statistical Institute.
In September, Turkey’s inflation increased 83.5%, following August’s 80.2%.
Still, the Turkish President Tayyip Erdogan refuses to raise interest rates while saying that the move would jeopadize the economy. Meanwhile, economists voiced their concerns, saying that the president’s policies continued to hurt the Turkish currency; lira, and push inflation up.
