ISTANBUL: The annual inflation rate in Turkey rose above 25 percent in October, official statistics showed on Monday.
The 25.24 percent inflation rate marked a 0.72 percent increase compared to 24.52 percent in September.
The worst affected sectors included furnishing and household goods with 37.92 percent, according to the Turkish statistics office (TUIK).
The Turkish economy has been weakened by the dramatic fall of the lira against a backdrop of market mistrust toward President Recep Tayyip Erdogan’s economic policies as well as tensions between Ankara and Washington.
There was a reprieve for the lira last month when the central bank increased its main policy rate — the one week repo auction rate — from 17.75 percent to 24 percent.
Jason Tuvey, emerging markets economist at London-based Capital Economics, said the “stronger-than-expected” October rise was unlikely to prompt further rate hikes.
“The central bank is unlikely to follow up September’s aggressive interest rate hike with additional tightening,” Tuvey said.
Economists have been concerned over domestic monetary policy in Turkey as Erdogan slams high interest rates, going against economic orthodoxy to claim they cause high inflation.
He also previously said high interest rates were the “mother and father of all evil.”
Turkey annual inflation surges over 25 percent in October
Turkey annual inflation surges over 25 percent in October
- The worst affected sectors included furnishing and household goods with 37.92 percent
- Economists have been concerned over domestic monetary policy in Turkey as Erdogan slams high interest rates, going against economic orthodoxy to claim they cause high inflation
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
