“A change in general index was realised in CPI (2003=100) on the previous month by 3.08 per cent, in December of the previous year by 52.40 per cent, on same month of the previous year by 83.45 per cent, and on the twelve months moving averages basis by 59.91 per cent in September 2022,” TurkStat said.

Turkiye’s CPI on an annual basis reached 83.45 per cent in September 2022 compared to 80.2 per cent in August 2022, according to the Turkish Statistical Institute (TurkStat). The figure is the highest annual reading since July 1998 when the yearly CPI was 85.3 per cent. The annual rate of changes in clothing and footwear prices stood at 40.28 per cent.

The country’s domestic producer price index rose up to 151.50 per cent on a year-over-year (YoY) basis, while it stood at 4.78 per cent month-over-month (MoM).

Markets were caught unawares when the Turkish central bank slashed its policy rate by 200 basis points to 12 per cent in the last two months. It has been over a year since the bank has been on a rate-cutting cycle as it dropped its one-week repo rate by 500 basis points to 14 per cent after leaving it steady from January to July 2022.

The nation’s government also expects inflation to drop to 65 per cent by the end of 2022 and 24.9 per cent towards the end of 2023.

Fibre2Fashion News Desk (NB)