Inflation

Turkey to open 1,000 markets to counter high inflation: Erdoğan 

Turkey has ordered agricultural cooperatives to open about 1,000 new markets across the country to provide "suitable" prices for consumer goods, President Recep Tayyip Erdoğan said on Oct. 3.

"Markets run by Agricultural Credit Cooperatives are convenient in terms of prices and quality," Erdoğan told reporters after visiting an agricultural credit cooperative outlet in Istanbul.

Turkey's annual inflation rises in September

Turkey's annual inflation rate climbed in September compared to the previous month, the Turkish Statistical Institute (TÜİK) announced on Oct. 4.

Consumer prices rose 19.58% year-on-year last month, from 19.25% in August, TÜİK said.

The figure, however, was lower than market expectations as a group of 16 economists projected an average annual climb of 19.69%.

Inflation in the Eurozone Reached a 13-year High

Inflation in the Eurozone reached a record 3.4% for the last 13 years in September, according to Eurostat data. This is an increase of 0.4% compared to August. Core inflation, excluding food, energy, alcohol and tobacco, rose to 1.9% from 1.6% in August. The European Central Bank (ECB) expects the rate to rise to 4 by the end of the year, which would exceed the bank's target twice.

Skyrocketing Energy Prices Are Worse than Pandemic and Will Stay Longer

The crisis with surging prices of energy sources is worse and will take longer to be resolved compared to the Covid-19 pandemic slowdown and the supply bottlenecks for major industries, European Central Bank President Christine Lagarde said in an interview for CNBC.

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