By Joshua Kirby
Turkey's inflation rate continued to accelerate in September, with the country's tighter monetary policy yet to rein in rampant price rises.
The consumer price index increased by 61.5% in September compared with 58.9% the month before, data from the country's statistics agency showed Tuesday. This was largely in line with expectations for a rise of 61.2%, according to a poll of economists compiled by FactSet ahead of the release.
Month-on-month, inflation rose 4.75%, compared with a 9.1% increase in August, the data showed.
Food prices continued to drive inflation, increasing 75.1% on year. Services inflation also soared, with prices for hotels, cafes and restaurants rocketing more than 92%. Prices for housing rose at a more moderate 20%, while clothing & footwear prices also rose below the headline average rate.
In September, the country's central bank lifted its key interest rate to 30%, a fourth straight hike. However, continued acceleration in inflation suggests this policy may take time to tame price rises.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
(END) Dow Jones Newswires
10-03-23 0330ET
