Turkey’s consumer price index increased 24.52 percent in October year-on-year, official data showed on Monday.
Producer prices rose 0.91 percent month-on-month in October for an annual rise of 45.01 percent.
The figure marked its highest level since the end of 2003. The previous highest inflation rate was 29.75 percent.
Following the announcement of the data, Minister of Treasury and Finance Berat Albayrak speaking on A Haber said that a recovery is expected in November and December, and they are hopeful that they will meet their year-end estimation.
The government’s year-end estimation was 20.8 percent and the Central Bank’s was at 23.5 percent, lower than the current inflation level.