Inflation in Turkey touches its highest level in 24 years at 80.2%

Data on Monday showed Turkey’s annual inflation rate rose to a 24-year high of 80.21 percent in August, after the central bank decided to cut interest rates unexpectedly last month, but the data remained below expectations.

The Turkish Statistical Institute said consumer prices rose every month by 1.46 percent, compared to expectations in a Reuters poll of 2.0 percent. On an annual basis, consumer price inflation was expected to be 81.22 percent.

The domestic producer price index rose 2.41 percent month-on-month in August, an annual increase of 143.75 percent.