Turkish inflation nears 20% on rising food, energy costs

While Turkey’s latest official inflation figures beat expectations, raising some concerns over data integrity, consumer prices are expected to keep rising amid growing global energy costs.
People shop at an open-air market in Ankara.
People shop at an open-air market, even although the country is experiencing an economic downturn with double-digit inflation, in Ankara on May 8, 2021. - ADEM ALTAN/AFP via Getty Images
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Diego Cupolo
@diegocupolo

ISTANBUL — Turkey’s annual consumer inflation rate rose to 19.89% in October, according to official data published Wednesday by the Turkish Statistical Institute (TurkStat).

Up from 19.58% in September, the figure marks Turkey’s highest inflation rate in 2.5 years, driven primarily by rising costs in food, housing, services and transportation, as well as a spike in global energy prices.  

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