AGL 38.50 Increased By ▲ 0.93 (2.48%)
AIRLINK 132.41 Decreased By ▼ -0.09 (-0.07%)
BOP 5.59 Decreased By ▼ -0.05 (-0.89%)
CNERGY 3.85 Increased By ▲ 0.08 (2.12%)
DCL 8.70 Decreased By ▼ -0.17 (-1.92%)
DFML 40.75 Decreased By ▼ -0.25 (-0.61%)
DGKC 88.68 Decreased By ▼ -1.48 (-1.64%)
FCCL 35.30 Increased By ▲ 0.22 (0.63%)
FFBL 66.54 Increased By ▲ 0.04 (0.06%)
FFL 10.56 Increased By ▲ 0.41 (4.04%)
HUBC 109.65 Increased By ▲ 3.25 (3.05%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.83 Decreased By ▼ -0.03 (-0.62%)
KOSM 7.07 Increased By ▲ 0.22 (3.21%)
MLCF 42.63 Increased By ▲ 0.83 (1.99%)
NBP 59.71 Increased By ▲ 1.13 (1.93%)
OGDC 183.75 Increased By ▲ 2.50 (1.38%)
PAEL 25.69 Decreased By ▼ -0.01 (-0.04%)
PIBTL 5.91 Increased By ▲ 0.08 (1.37%)
PPL 147.75 Decreased By ▼ -0.65 (-0.44%)
PRL 23.55 Increased By ▲ 0.33 (1.42%)
PTC 16.45 Increased By ▲ 1.21 (7.94%)
SEARL 69.05 Increased By ▲ 0.26 (0.38%)
TELE 7.25 Increased By ▲ 0.01 (0.14%)
TOMCL 36.10 Increased By ▲ 0.10 (0.28%)
TPLP 7.56 Increased By ▲ 0.16 (2.16%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.96 Increased By ▲ 0.11 (0.22%)
UNITY 26.77 Increased By ▲ 0.37 (1.4%)
WTL 1.23 Increased By ▲ 0.02 (1.65%)
BR100 9,817 Increased By 48.9 (0.5%)
BR30 29,825 Increased By 425.1 (1.45%)
KSE100 92,335 Increased By 396.8 (0.43%)
KSE30 28,808 Increased By 64.2 (0.22%)

ISTANBUL: Turkey’s annual inflation rate accelerated to 85.51 percent in October, its highest level since 1997, official data showed Thursday, as President Recep Tayyip Erdogan has defended unorthodox policies to combat a cost-of-living crisis.

Central banks worldwide are raising borrowing costs in efforts to tame soaring consumer prices, but Turkey has bucked the global trend, with Erdogan calling higher interest rates his “biggest enemy”.

Last month, Turkey’s central bank cut its policy rate for a third consecutive time, bringing it down to 10.5 percent from 12 percent.

With an election looming next year, Erdogan argues that high interest rates are the cause of inflation, not the opposite, in defiance of orthodox economic theories.

New Zealand jobless rate remains low, wage inflation hits record

Consumer prices reached 83.45 percent in September.

On Wednesday, Erdogan praised the state of economy, in an address to his ruling AKP lawmakers in the parliament.

“Thank God, the wheels of the economy are turning,” he said.

“Our economic model, which we have summarised as growth through investment, employment, production, export and current account surplus, is bearing fruit.”

Many Turks question the credibility of the official government data.

According to a respected monthly study released by independent economists from Turkey’s ENAG research institute, the annual rate of consumer price increases reached 185.34 percent in October.

Comments

Comments are closed.