ECONOMY: Inflation peaks at 16-year high in north of Cyprus

The Turkish Cypriot banking authority announced that the inflation rate in September was 37.23%, reaching a 16-year high as prices spiked.

During the summer of 2017 in the north inflation fluctuated from 14.64% in July to 31.99% in September 2017.

For September 2018, goods and services saw the biggest increase in prices including transport, furniture and household appliances, food and non-alcoholic drinks.

The economy in the north was in crisis after the Turkish Lira tumbled during Ankara’s stand-off with America earlier this year.