The -official- inflation reached 61.5% on an annual basis in September in Turkey, at the highest level since December 2022, according to official data released today.

The increase in consumer prices, fueled in particular by the devaluation of the Turkish lira, stood at 4.75% on a monthly basis.

Inflation, which has been rising since July, fell to 38.2% year-on-year in June, the lowest rate in a year and a half, after rising to 85.5% in October 2022.

It stood at 58.9% in August, with a very strong increase in prices on a monthly basis (+9.1%), following the already significant increase in July (+9.6%).

Although increased, official figures are disputed by the independent economists of the Inflation Research Group (Enag), who calculate the increase of consumer prices to 130.1% on an annual basis.

Turkey’s central bank, which raised its key interest rate from 8.5 percent to 30 percent since late June to tackle inflation, announced in late September new rate hikes “until the inflation outlook improves significantly.”

Economists estimate in any case that inflation will follow an upward trajectory until the second quarter of 2024 – at least.

Caught in a deflation-inflation spiral, Turkey has been experiencing double-digit inflation without a break since late 2019, making the cost of living particularly burdensome for many families.