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Turkish inflation tops 83% as Erdogan promises more interest rate cuts

Section: Daily Dispatches

By Laura Pitel
Financial Times, London
Monday, October 3, 2022

Turkey's official inflation rate climbed to a new 24-year high last month as the country reeled from President Recep Tayyip Erdoğan's unorthodox economic policy.

The consumer price index rose 83.45 per cent in September, according to data from the Turkish Statistical Institute, the highest level since July 1998 and up from 80.21 per cent the previous month. ...

... Dispatch continues below ...


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Erdogan rejects the established economic consensus that raising interest rates helps to curb inflation.

He has ordered the central bank to cut borrowing costs twice in the past two months, bringing the benchmark interest rate down to 12%.

Last week he said he wanted the main rate to come down to single digits by the end of the year as he pushes for growth ahead of critical elections that are due to take place in June 2023.

"My biggest battle is against interest. My biggest enemy is interest," Erdoğan said in televised remarks. "We have now lowered the interest rate to 12%. Is that enough? It is not enough. This needs to come down further." ...

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