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Inflation in Turkey rose to 85.5% in October, the highest level since 1997

Turkey’s annual inflation rate hit 85.51% in October, the highest level since 1997, according to official data shown Thursday, as President Recep Tayyip Erdogan defends his unconventional policies in the face of the cost crisis. of life.

As central banks around the world raise interest rates in an attempt to control rising consumer prices, Turkey has opposed the global trend and Erdogan stressed that high interest rates are its “greatest enemy. “.

Read more: Property prices in Turkey are seeing a crazy increase … and an expert reveals the reasons

And last month, the Turkish central bank cut the interest rate for the third consecutive time, bringing it to 10.5%, up from 12%.

As next year’s elections approach, Erdogan insists that high interest rates lead to inflation rather than the other way around, challenging conventional economic theories.

The rate of increase in the price of consumer goods reached 83.45% in September.

On Wednesday, Erdogan praised the state of the economy in a speech to the lawmakers of his AK party in parliament.

“Praise God, the wheel of the economy is turning,” he said.

“Our economic model, which we have summarized as growth through investment, employment, production, exports and current account surpluses, is paying off,” he added.

Read more: Turkey plans to stimulate debt to drive growth in view of next year’s elections

Many Turks put in doubt the reliability of official statements issued by the government.

According to one studio widely respected monthly published by independent economists of the Turkish research institute ENAG, the annual rate of increase in consumer prices was 185.34% in October.

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