Turkey annual inflation surges over 25pc

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.