ANKARA, Nov. 3 (Xinhua) — Turkish annual inflation eased for the first time in three months to 61.36 percent in October, official data showed on Friday.
Month-on-month inflation was recorded as 3.43 percent in October, according to the Turkish Statistical Institute.
Türkiye has been experiencing uninterrupted double-digit inflation since the end of 2019, making the cost of living difficult to bear for households across the country.
The county’s annual inflation rose for the third consecutive month to 61.53 percent in September, the highest level this year.
Türkiye’s central bank raised its inflation projections for 2023 and 2024 on Thursday, a move that its governor, Hafize Gaye Erkan, said to address the challenge in containing rising prices.
The central bank now anticipates the inflation to end the year at 65 percent, up from its previous estimate of 58 percent, with a revised forecast of 36 percent for 2024, up from 33 percent.
Erkan attributed the revision primarily to soaring food and energy import costs, and the depreciation of the Turkish lira, which fell to a record low of 28.35 liras per U.S. dollar on Thursday.
Following reelection in May, Turkish President Recep Tayyip Erdogan promised to improve the economy, and embraced a pivot away from his ultra-loose monetary policies in the past.
A new economic team he put in place has hiked interest rates aggressively from 8.5 percent to 35 percent since June to fight persistent inflation pressure.
