Onur Dogman | Sopa Images | Lightrocket | Getty Images Inflation in Turkey rose for a 17th consecutive month in October, reaching 85.5% year-on-year, as food and energy prices continued to rise, official data showed. Food prices were 99 percent higher than the same period last year, housing rose 85 percent and transportation rose 117 percent, the Turkish Statistics Agency said Thursday. The domestic producer price index shows an increase of 157.69% on an annual basis and increased by 7.83% on a monthly basis. The monthly increase in consumer prices was 3.54%. The dramatic increase in the cost of living for the country of 85 million has continued unabated for almost two years, alongside the significant devaluation of the Turkish currency, the lira. In contrast, Turkish President Recep Tayyip Erdogan refuses to raise interest rates, insisting it would hurt the economy. Economists and critics say his policies have continued to hurt the pound and push up inflation.
