World Economy

Turkey Inflation at 9%

Turkey Inflation at 9%Turkey Inflation at 9%

Inflation rate in Turkey rose above expectations climbing by 1.9% in October to reach 8.96% annually. The Turkish Statistical Institute, known as TurkStat, reported the Consumer Price Index rise on Monday, putting annual inflation slightly above the Central Bank’s year-end forecast of  8.9 and even further beyond the 5% medium-term target, World Bulletin reported. Inflation in Turkey rose slightly last month, from 8.86% in September to 8.96%, mainly because of a rise in housing, food, non-alcoholic beverage and restaurant prices, the country’s statistical authority said. TurkStat said domestic producer prices rose 0.92% in October compared to the previous month and 10.1% year-on-year.