Turkey's inflation dips under 30 percent
Turkey's annual inflation rate fell to 29.73% in September 2023, marking the lowest level since November 2021, compared to 31.51% in August, marking the fourth consecutive month of decline. This came alongside a 1.84% increase in the consumer price index on a monthly basis— the same rate of increase as in August— while the domestic producer price index rose by 2.07%. The data support expectations that the Turkish Central Bank may cut interest rates at its scheduled meeting on October 22, despite market pressures and geopolitical developments, with economic forecasts indicating a continued slowdown in inflation.
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