Yearly inflation in Turkey rises to new 24-year high of 85%

ANKARA, Turkey (AP) — Annual inflation in Turkey continued to rise in October and push the price of essential goods higher and amplifying a cost-of-living crisis in the country. The Turkish Statistical Institute said Thursday that consumer prices rose to 85.51% in October from a year earlier and by 3.54% from the previous month. The inflation rate was the highest in 24 years. But experts maintain that inflation is much higher than the official figures. The independent Inflation Research Group on Thursday put the annual rate at 185%. The pandemic and Russia’s invasion of Ukraine have stoked inflation around the world. But economists believe that inflation in Turkey was fueled by President Recep Tayyip Erdogan’s belief that high borrowing costs lead to higher prices.