Turkey's inflation rate hits fresh 24-year high

ISTANBUL, Oct 03 (AFP): Turkish inflation jumped to a new 24-year high exceeding 83 per cent in September, official data showed Monday, as President Recep Tayyip Erdogan presses for more interest rate cuts despite surging prices.
Turkey's monetary policymakers are bucking the global trend of central banks raising interest rates to combat inflation, as high borrowing rates cool down the economy and prices.
But Erdogan, who has focused on growth ahead of a general election in June, has repeatedly railed against higher rates, calling them his "biggest enemy".
The country's central bank has followed his philosophy, lowering its policy rate to 12 per cent from 13 per cent last month.
Erdogan has called for more rate cuts at the bank's next policy meeting on October 20, saying last week that it should be cut to single digits by the end of the year.