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Turkey inflation at new 24-year high of 83% after rate cuts

Reuters LogoReuters2 mo ago

Turkey inflation at new 24-year high of 83% after rate cuts

Quick Summary

Last year's rate cuts had triggered a currency crisis that wiped 44% off the lira's value against the dollar in 2021.

The government has said inflation will fall with its economic programme prioritising low rates to boost production and exports with the aim of achieving a current account surplus.

It was the highest annual figure since July 1998, when it stood at 85.3% and Turkey was battling to end a decade of chronically high inflation.

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News Analysis

Category: Finance Business

Topics: People Forecast Reuters Bank News Annual Prices Rate Inflation September Last

Source Website Secure: Yes (HTTPS)

Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

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Readership Location: United States

Published Date: 2022-10-03, 07:42:00

News Timezone: GMT -5:00

Language: English

Original Article Length: 416 words

Reading Duration: 3 minutes read

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News ID: 2790623

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