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Turkiye's inflation climbed to a new 24-year high of more than 83%

A customer holds Turkish lira banknotes outside a currency changer on a street in Istanbul on September 6, 2022 [YASIN AKGUL/AFP via Getty Images]
A customer holds Turkish lira banknotes outside a currency changer on a street in Istanbul on September 6, 2022 [YASIN AKGUL/AFP via Getty Images]

Turkiye's inflation climbed to a new 24-year high of more than 83 per cent for September, the country's official body for statistics, TUIK, said Monday, Reuters reports.

According to the report, consumer prices in September grew by 3.08 per cent, and annually by 83.45 per cent.

The domestic producer price index was up 4.78 per cent from the previous month, and up a whopping 151.5 per cent year on year, report added.

The rates came after Turkish President, Recep Tayyip Erdogan, insisted on continuing to cut interest rates rather than raise them last week.

"My biggest battle is against interest. My biggest enemy is interest. We lowered the interest rate to 12 per cent. Is that enough? It is not enough. This needs to come down further," Erdogan said during an event last week.

The Turkish lira is currently trading at a record low of 18.56 to the dollar.

READ: Turkiye banks abandon Russian MIR payment system, bowing to US pressure

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