Turkey’s inflation jumps to 25.24pc in October

Published: November 05, 2018 16:17:35 | Updated: November 21, 2018 20:40:27

Turkey's annual inflation jumped to 25.24 per cent in October, mainly driven by growing prices in clothing and footwear, according to data released on Monday.

On a monthly basis, the costs of clothing and footwear rose by 12.74 per cent in October, said the figures unveiled by the Turkish Statistical Institute.

The consumer price index of the country grew by 2.67 per cent during the month, while the prices of housing and household goods increased by 4.15 per cent and 3.44 per cent respectively.

The prices of food and non-alcoholic beverages, meanwhile, soared by 3.22 per cent while the costs of entertainment and culture increased by 2.07 per cent in October, reports Xinhua.

Transportation is the only sector that grew by a meagre 0.85 per cent in price in the month.

Turkey had an inflation of 24.52 per cent in September, the highest since 2003.

Minister of Treasury and Finance Berat Albayrak announced last month a series of new measures to fight inflation.

He also urged Turkish firms in all sectors to cut prices by at least 10 per cent to mitigate the rising inflation.

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