Turkey's inflation hits fresh 24-year high of 83% after rate cuts

Turkish annual inflation climbed to a new 24-year high of 83.45% in September, official data showed on Monday, below forecast, after the central bank surprised markets by cutting rates twice in the last two months despite the surging prices.

Month-on-month, consumer prices rose 3.08%, the Turkish Statistical Institute said, compared to a Reuters poll forecast of 3.8%. Annually, consumer price inflation was forecast to be 84.63%.

The domestic producer price index was up 4.78% month-on-month in September for an annual rise of 151.50%.