Turkey’s consumer price index rose by 2.08% in October, bringing the annual inflation to 11.9%, the Turkish Statistical Institute, TurkStat, announced Friday, Anadolu Agency reported. Since the beginning of this year, the annual inflation saw the lowest level in January--9.22%—and hit the highest level at 11.87 in April. However, the newest figures shattered the old record, bringing the inflation rate to the highest annual level in 9 years. The rise was driven by a sharp increase in transportation and food prices, which could potentially put more pressure on the central bank to tighten policy. Inflation remains one of the most pressing problems for Turkey’s economy, which has recovered from the downturn that followed last year’s failed coup. Weakness in the lira has helped stoke price increases in everything from food to fuel. The central bank this week raised its year-end inflation forecast to 9.8%, from 8.7% previously, and warned that volatility in the lira and a rising oil price may push inflation higher in the short term.
