AFP

Turkey's inflation rate rose to its highest level in 24 years, exceeding 83 percent in September, official figures showed Monday, a week after the central bank announced a cut in interest rates.

Turkey's monetary policy officials oppose the international approach of raising interest rates by the central bank to fight inflation, while high borrowing rates are calming the economy and prices.

Turkish President Recep Tayyip Erdogan, who is focused on growth ahead of a general election in June, has consistently maintained that high interest rates encourage inflation, calling it his "biggest enemy".

The central bank followed its theory and cut the rate from 13 percent to 12 percent last month.

Erdogan also called for a new rate cut at the Bank's next monetary policy meeting on October 20.

The official Turkish Statistical Agency reported that consumer prices rose by 83.5 percent in September compared to the same period last year.

The Turkish currency recorded a further decline, reaching 18.56 liras against the dollar, in the wake of the announcement.

However, opposition leaders and many Turks no longer trust official government figures.

A reliable monthly study published by independent economists from the Turkish research institute "ENAG" showed that prices rose by a higher percentage compared to the figures of the statistics agency.

The institute said that the official annual rates of consumer price hikes reached 186.27 percent in September, compared to 181.37 percent in August.