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Runaway inflation in Turkey continues to rise. In October, consumer prices were 85.5 percent higher than a year earlier, the National Statistics Office in Ankara said on Thursday. In the previous month, inflation was 83.4 percent. In comparison, Switzerland saw a 3 percent increase in consumer prices in October.

On a monthly basis, consumer prices in Turkey rose by 3.5 percent in October. Consumer prices in the country have been rising sharply for about a year now. At the end of 2021, inflation was only around 20 percent. Producer prices, which rose by 157.7 percent year-on-year in October, show how strong the price pressure is at the moment.

Producer prices fix the prices at the producer level by displaying the selling prices of the producers. The annual pace of producer prices is more than double what it was a year ago. Producer prices indirectly and with some delay influence the cost of living of the consumer.

In Turkey, high inflation is driven by several factors. The weak national currency, the lira, has long pushed prices up because it makes importing goods into Turkey more expensive. In addition, there are ongoing problems in international supply chains, making precursors more expensive. In addition, the prices of energy and raw materials are rising, mainly due to the Russian war against Ukraine.

Unlike many other central banks, the Turkish central bank does not fight galloping inflation by raising interest rates. In fact, it has recently cut its key interest rate several times. (aeg/sda/awp/dpa)