Turkey annual inflation surges to new 15-year high of over 25 pct

The worst affected sectors included furnishing and household goods with 37.92 percent, according to the Turkish statistics office
Tuesday, 06 November 2018 02:52

Inflation in Turkey surged to over 25 percent in October from the same period the year earlier, the highest annual rate for over 15 years, official statistics showed on Monday.

The 25.24 percent inflation rate for October marked a new increase on the 24.52 percent recorded in September. It was the highest annual rate since July 2003, when the country was still emerging from its 2000-2001 financial crisis. 

October inflation was driven by a 12.74 percent month-on-month surge in clothing and shoe prices and a 4.15 percent rise in housing prices, the data showed. On a yearly basis, the biggest price hike was in furnishing and household equipment in October with 37.92 percent.