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 higher at 10,596
RIYADH: Saudi equities closed higher on Tuesday, with the Tadawul All Share Index rising 43.59 points, or 0.41 percent, to finish at 10,595.85, supported by broad-based buying and strength in select mid-cap stocks.
Market breadth was firmly positive, with 170 stocks advancing against 90 decliners, while trading activity saw 161.96 million shares change hands, generating a total value of SR3.39 billion.
Meanwhile, the MT30 Index closed higher, gaining 6.52 points, or 0.47 percent, to 1,399.11, while the Nomu Parallel Market Index edged marginally lower, slipping 3.33 points, or 0.01 percent, to 23,267.77.
Among the session’s top gainers, Al Masar Al Shamil Education Co. surged 9.99 percent to close at SR26.20, while Saudi Cable Co. jumped 9.98 percent to SR147.70.
Cherry Trading Co. rose 4.18 percent to SR25.44, and United Carton Industries Co. advanced 4.09 percent to SR26.46.
Al Yamamah Steel Industries Co. also posted solid gains, climbing 4.07 percent to end at SR32.70.
On the downside, Emaar The Economic City led losses, slipping 3.55 percent to SR10.32, followed by Derayah REIT Fund, which fell 2.92 percent to SR5.31.
Derayah Financial Co. declined 2.13 percent to SR26.62, while United International Holding Co. retreated 1.96 percent to SR155.20, and Gulf Union Alahlia Cooperative Insurance Co. eased 1.92 percent to SR10.70.
On the announcements front, Red Sea International Co. said it signed a SR202.8 million contract with Webuild S.P.A. to provide integrated facilities management services for the Trojena project at Neom.
The agreement covers operations and maintenance for the project’s Main Camp and Spike Camp, including accommodation and housekeeping, catering, security, IT and communications, utilities, waste management, fire safety and emergency response, as well as other supporting services.
The contract runs for two years, with the financial impact expected to begin in the first quarter of 2026. Shares of Red Sea International closed up 0.99 percent at SR34.74.
Al Moammar Information Systems Co. disclosed that it received an award notification from Humain to design and build a data center dedicated to artificial intelligence technologies, with a total value exceeding 155 percent of the company’s 2024 revenue, inclusive of VAT.
The contract is expected to be formally signed in February 2026, underscoring the scale of the project and its potential impact on the company’s future revenues.
MIS shares ended the session 2.82 percent higher at SR156.70, reflecting positive investor sentiment following the announcement.
