Annual inflation in Türkiye continued to rise in October, official figures showed Thursday, pushing the price of essential goods higher.
Consumer prices rose to 85.51% in October from a year earlier, and by 3.54% from the previous month, the Turkish Statistical Institute (TurkStat) said.
The inflation rate was the highest in 24 years.
According to TurkStat data, the highest price increase was seen in the transportation field with 117.15%, followed by food and nonalcoholic beverages (99.05%), and home furniture (93.63%).
An Anadolu Agency (AA) survey predicted on Monday that the annual consumer price index would rise to 85.51% in October.
Fighting against inflation, which has been rising around the world, occupies a large part of the agendas of Turkish officials.
Treasury and Finance Minister Nureddin Nebati late on Wednesday underlined that the fight against inflation would continue until they reduce it to single digits.
“Thanks to the inclusive measures we have taken, we will permanently get rid of the scourge of inflation in our country with the positive contribution of the normalization in global prices and improvement in expectations,” he said.
The Central Bank of the Republic of Türkiye (CBRT) last week revised its year-end inflation forecast upward for both 2022 and 2023 amid increasing energy and food costs.
Annual consumer inflation is expected to hit 65.2% this year, revised up from the previous projection of 60.4%, CBRT Governor Şahap Kavcıoğlu told a meeting held to release the bank's last quarterly inflation report this year.
Inflation is estimated to fall to 22.3% at the end of 2023 and 8.8% by the end of 2024. The previous forecast of the bank for 2023 was 19.2%.
