Turkey’s annual inflation rate hits 9-year high in Oct

Ankara: Turkey’s annual inflation rate hit a nine-year high of 11.9 per cent in October, the Turkish Statistical Institute said.

The figure, which climbed from 11.2 per cent in September, was mainly driven by a sharp increase in transportation, clothing and food prices, according to official data, Xinhua news agency reported.

On a yearly basis, the highest inflation rate was 16.79 per cent in transportation in October, followed by food and non-alcoholic beverages with 12.74 per cent and miscellaneous goods and services with 12.63 per cent.

The highest monthly figure was 11.51 per cent in clothing and footwear.

Amid increasing oil prices and devaluation of the Turkish lira, the Central Bank lifted earlier on Wednesday its annual inflation forecast for 2017 from 8.7 per cent to 9.8 per cent.

The bank vowed to maintain a tight monetary policy until the inflation outlook improves in line with targets.