For the first time since September 2021, Turkey’s interest rate has exceeded its official inflation rate.
The Central Bank announced today that it would keep the policy interest rate steady at 50%, keeping the rate unchanged since March.
The annual inflation was recorded at 49.38% in September, which means that policy interest rate surpassed the country's official inflation rate. This marked the inflation rate’s drop below 50% for the first time in 14 months.
However, alternative calculations from the Inflation Research Group (ENAG) suggest a different picture, with the group estimating that inflation reached 88.63% in September. The İstanbul Chamber of Commerce (ITO), which tracks inflation in the metropolis, reported an inflation rate of 59.18%. (VK)