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Turkey’s annual inflation passes 80% after interest rate cut

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( ) -q-17- UNDATED (Correspondent Jeremy House) “rate at 181%.”

The Turkish Statistical Institute says the country’s annual inflation passed 80% in August, further hitting consumers facing high energy, food and housing costs.

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TAG: Correspondent Jeremy House reporting. The rise came after the central bank unexpectedly cut interest rates to 13% in August despite rising prices, a plunging lira and an unbalanced current account. Russia’s invasion of Ukraine and the lira’s decline have stoked inflation.

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VERBATIM: Consumer prices rose by more than 80% from a year earlier, up 0.6 percentage points from the previous month. Independent experts say inflation is much higher than official statistics. The Inflation Research Group put the annual rate at 181%.

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