Turkey's inflation jumps to 24.5pc in September

Published: October 04, 2018 13:26:27 | Updated: October 05, 2018 14:44:57

The annual inflation rate of Turkey jumped to almost 25 per cent in September amid a currency turmoil that has fueled an increase in prices, official data has showed.

The consumer prices index (CPI) soared to 24.5 per cent from the same period in 2017, according to data released by the Turkish Statistical Institute on Wednesday.

It marked a sharp rise from 17.9 per cent in August and 11.2 per cent in September last year, reports Xinhua.

The data announced was worse than expected by analysts. It also showed that inflation accelerated to 6.3 per cent compared with the previous month.

In a signal that inflation is likely to rise further in the months ahead, producer prices climbed by 46.2 per cent year-on-year.

"This trend in consumer prices is likely to continue in the coming months," said financial analyst Enver Erkan in a note to investors.

The Turkish currency has lost nearly 40 per cent of its value against the US dollar since the start of the year, pushing up the cost of petrol and gas and other imports.

Share if you like