Turkey's consumer inflation rate rose to a 24-year high in September as the government continues its novel plan of loosening policy into a spike in prices.
September inflation rose 3.08% for the month, pushing the annual rate to an annual rate of 83.45%. But both were actually below consensus estimates following two surprise rate cuts totaling 200 basis points in two months that brought the benchmark rate to 12%.
The Turkish lira fell 0.4% against the dollar.
Last month, President Recep Tayyip Erdo?an called interest rates his biggest energy and said cuts to 12% were "not enough."
Transport prices were the biggest driver of overall inflation, up 118% last month.
The annual consumer inflation rate in Turkey topped 80% in August, but the rate is still well off its highs of nearly 139% hit in 1980.
Economists surveyed by Reuters expect inflation to cool some by the end of the year, with the 2022 target of 72%.
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Turkey inflation tops 83% and even more rate cuts are expected