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Turkey experiences its highest annual inflation rate since 1997, with the figure reaching 85.51% in October. Despite global efforts to address rising consumer prices through increased borrowing costs, Turkey's President Recep Tayyip Erdogan defends unorthodox policies and considers higher interest rates as the cause, not the solution, to the cost-of-living crisis. Last month, Turkey's central bank reduced its policy rate for the third time in a row, lowering it to 10.5% from 12%.
Wednesday, 2 November, 2022