Friday , August 12 2022

UPDATE 1-Turkish inflation hits 25 percent in October, no more than 15 years


(Adding details, lira, background)

ISTANBUL, Nov. 5 (Reuters) – Turkish annual inflation increased to 25 percent in October. Official data showed on Monday and beat its highest in 15 years and underlines the continued effect of a currency crisis on the wider economy.

Monthly, consumer prices rose 2.67 percent, data from Turkish statistical institute showed higher than forecast of 2.0 percent in a Reuters vote.

October inflation was driven by a 12.74 percent monthly increase in clothing and shoe prices and a 4.15 percent increase in housing prices, data showed.

It was a small reaction from the lyric, which weakened to 5.44 against the dollar from 5.43 in advance. The currency has recovered recently from a sale driven by concern over central bank independence and an American-Turkish spat.

Last month, the central bank of Turkey left its reference rate unchanged after a mammalian rise in September and tensions with the United States declined.

The effect of the steep decline in the economy is still felt with key figures such as consumer and financial confidence falling into long-term promises and the government is cutting down its growth forecasts for the next three years.

Producer prices rose in October by 0.91 percent in October for an annual increase of 45.01 percent. (Writing of Ali Kucukgocmen; Editing of Daren Butler)

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