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ISTANBUL, Nov. 5 (Reuters) – Turkey's annual inflation jumped to 25 percent in October, according to official figures released Monday, reaching its highest level in 15 years and underscoring the lasting impact of the year. a monetary crisis on the economy at large.
From one month to the next, consumer prices jumped 2.67%, according to data from the Turkish Institute of Statistics, which is higher than the expected 2.0% by the Reuters poll.
October's inflation was fueled by a monthly rise of 12.74% in the price of clothing and footwear and a 4.15% increase in the price of housing, the data showed.
The lira provoked little reaction, from 5.43 to 5.44 against the dollar before. The currency has recently recovered after a sell off caused by concerns about the independence of the central bank and a US-Turkish niche.
Last month, the Turkish central bank left its key rate unchanged, after a sharp rise in September and the easing of tensions with the United States.
The impact of the sharp decline of the lira on the economy is still felt, with key indicators such as consumer and economic confidence falling to historically low levels and the government reducing its growth forecasts for all three coming years.
Producer prices rose 0.91% over one month in October, an annual increase of 45.01%. (Written by Ali Kucukgocmen, edited by Daren Butler)
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