Turkish inflation jumps to 85.51 percent in October

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Turkey’s annual inflation rate accelerated to 85.51 percent in October, its highest level since 1997, official data showed Thursday, as President Recep Tayyip Erdogan has defended unorthodox policies to combat a cost-of-living crisis. Central banks worldwide are raising borrowing costs in efforts to tame soaring consumer prices, but Turkey has bucked the global trend, with Erdogan calling higher interest rates his “biggest enemy”. Last month, Turkey’s central bank cut its policy rate for a third consecutive time, bringing it down to 10.5 percent from 12 percent. With an election looming next y…

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