Title: Turkey: Highest Inflation in 24 Years

Official data showed that inflation in Turkey rose in October on a yearly basis to the highest level in 24 years at 85.51%, slightly below expectations, after the central bank cut interest rates three times in three months despite rising prices. The Turkish Statistical Institute indicated that consumer prices increased by 3.54% month-on-month, compared to expectations in a Reuters survey of a 3.60% rise. Yearly inflation in consumer prices was expected to rise to 85.60%. The domestic producer price index increased by 7.83% month-on-month in October and by 157.69% year-on-year.