The inflation rate in Turkey is spiraling out of control, fueled by a collapsing currency, global inflationary pressures, and easing monetary policy. While the Turkish government has promised relief, the situation is intensifying, affecting households across the country. Has inflation peaked or will it continue to spike?
Turkey Inflation Rate in October 2022
The annual Turkey inflation rate increased to a 24-year high of 85.51 percent in October, up from 83.45 percent in September, according to the Turkish Statistical Institute.
The figure, which was the highest level since June 1998, came in just below economists’ expectations of 85.6 percent.
Compared to the same period a year ago, rampant price inflation was driven by transportation (117.2 percent), food (99.1 percent), housing and utilities (85.2 percent), and apparel (41.3 percent)….