Annual inflation in Turkey surges to 83,45%

Turkey’s annual inflation continued to rise for the 16th consecutive month to a new 24-year high of 83.45% in September, according to official data on Monday, while an independent research group claims the real inflation peaked to 186,27%.

Month-on-month, consumer prices rose 3.08% in September, the Turkish Statistical Institute said, compared to a 5.30% calculated by ENAG. 

September inflation was driven by transport prices, which surged nearly 118% year-on-year, while food and non-alcoholic drinks prices jumped 93.05%.

Inflation in Turkey has soared since last year, after the central bank gradually cut its policy rate in an unorthodox easing cycle according to the economic policies by President Tayyip Erdogan. 

Erdogan frequently downplayed the increase in Turkey’s inflation promising it will come down next year. 

“Don't we have problems of inflation, interest rates, currency rates? Of course we do. But our capabilities and the opportunities we face are so big that if we let ourselves be held up by concerns over such problems it will do no good to our country," he said recently. 

Turkey’s economy minister in January had said “Sleep now and wake up in six months, you will see a very different country.”

One commentator from Turkey’s Haberturk TV said she multiplied by three every time an inflation rate was announced by TUIK, to calculate the increase in her expenses.