Record inflation in Turkey More: international


Annual inflation in Turkey jumped to 25% in October, according to official data released today, at the highest level of the last 15 years, reflecting the impact of the Turkish lira crisis when the economy is down.

On a monthly basis, consumer prices rose 2.67%, according to Turkish statistics, up from 2.0% forecast in a Reuters poll.

Because of the pound's decline, the government has reduced its growth forecasts and investors argue that Turkish GDP growth may be negative in coming quarters, discouraging any move by the central bank to raise interest rates to counter high inflation.

The exchange rate of the Turkish currency fell to 5.4740 pounds against the dollar at 10:20 from Greece, up from 5.43 previously.


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