The Turkish inflation smelt the scent of trending down for the first time in eight months, giving some relief from surging living costs that saw price hikes above 75 per cent.

Turkiye’s inflation shows signs of slowing amid economic challenges

In a move to counter skyrocketing inflation, Turkey's central bank has hiked its key interest rate to an unprecedented 50 per cent. According to a report by AP News, this unexpected decision aims to combat the severe economic challenges faced by households grappling with soaring prices for essential goods and services.

Turkish central bank jumps interest rates to 50 pc amid surging inflation

In a change of leadership, Fatih Karahan took the helm as the new governor of Turkey's central bank, replacing Hafize Gaye Erkan. Karahan, a 42-year-old economist with a University of Pennsylvania economics PhD, emphasised his commitment to a stringent monetary policy aimed at curbing inflation.

Turkey's new central bank chief vows to maintain tight monetary policy amid inflation concerns

Turkish annual inflation climbed to a new 24-year high of 85.51% in October, official data showed on Thursday, slightly below forecast, after the central bank cut its policy rate despite surging prices.

Turkiye's inflation shoots up to a 24-year high of 85.5% after rate cuts

The threat of rising inflation is playing out pretty much every major European economy and in Turkey the inflation rates has accelerated to 85.51% in October. According to the official data this is the highest level since 1997.

Turkiye: Inflation hits 24-year high, tops 85%

Turkey’s annual inflation rate hit a 24-year high of 73 per cent in May, data revealed on Friday, as the country battles Russia-Ukraine war-induced inflation, high energy prices and a tumbling lira that has not recovered since December last year.

Turkey’s annual inflation spirals to 24-year high at 73%

Russia maintained gas flows through key pipeline routes into Europe on Monday, despite uncertainty over payment terms and as European leaders urged further sanctions against Moscow amid allegations of war crimes in Ukraine.

Russia maintains gas deliveries as Europe moots fresh sanctions

Turkey's inflation has soared to a new record, official data showed Monday, as analysts see an impact from Russia's invasion of Ukraine and President Recep Tayyip Erdogan's unorthodox interest rate policy.

Russia-Ukraine crisis causes Turkish inflation to hit fresh record of 61.1 per cent