Turkey inflation at new 24-year high of 83% after rate cuts | DW News

Inflation in Turkey climbed to a new 24-year high of 83.45% in September, according to official data, after the central bank surprised markets by cutting rates twice in the last two months.

Turkey’s repeated reductions in rates come at the insistence of President Recep Tayyip Erdogan, who believes — contrary to well-established economic principles — that reducing interest rates can slow inflation, rather than fuel it.

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