Turkish inflation rate soars amid warning over price hikes


The Turkish inflation rate hit 25 percent year-over-year as the economy teeters. President Erdogan responded by calling on the state to raid stockpilers and asking people to inform police of price increases at shops.

The annual inflation rate in Turkey soared to nearly 25 percent in September, according to official statistics released Wednesday, the highest level in a decade and a half.

Consumer prices jumped to 24.52 percent in September compared to the same month last year, the Turkish statistics office (TUIK) reported. The latest figures are up from 17.9 percent in August.

The Turkish lira has lost almost 40 percent of its value since the start of the year due to concerns over President Recep Tayyip Erdogan’s economic policies and a diplomatic row with the United States.

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