Inflation in Turkey is at its highest level in 24 years, recording 83%

Official data showed on Monday that Turkey’s annual inflation jumped to a new peak representing a 24-year high of 83.45 percent in September, less than expected after the central bank surprised markets by cutting interest rates twice in the past two months despite high prices.

The Turkish Statistical Institute said consumer prices rose 3.08 percent on a monthly basis, compared with a Reuters poll forecast of 3.8 percent. On an annual basis, consumer price inflation was expected to be 84.63 percent.

The producer price index rose 4.78 percent on a monthly basis in September, recording an annual increase of 151.50 percent.