all eyes on turkey today when it announces its latest interest rate decision. last month, turkey hiked its main interest rate from 8.5% to 15%, reversing one of president erdogan s unorthodox economic policies. inflation is almost 40% yes, 40% and turkey is unsuprisingly currently in the grip of a cost of living crisis. financialjournalist victoria craig nowjoins us from ankara. what are we expecting today? we expect interest rates to rise to the 20% range. plus or minus a view percentage points. some people backed away from the original plan considering how small a rise we got last time. this time, we expect more. the central bank will take incremental steps, certainly 5%
i m mark lobel. we start in turkey where the central bank have just announced their latest action to battle surging prices raising the base interest rate by 2.5% to 17.5%. a significant hike but less than many had predicted after last months mega move saw the cost of borrowing nearly double. now this is all part of an about turn for turkish economic policy since president erdogan was relected in may. for an economy facing inflation of almost 40% yes 40% and a cost of living crisis. financialjournalist victoria craig nowjoins us from ankara. when nowjoins us from ankara. we were chatting about hours when we were chatting about three hours ago, you expect at a rate rise into the 20s but you also said that president erdogan was no fan of rising interest rates and so is that what has happened? has he got his way? what has happened? has he got his wa ? ., , what has happened? has he got his wa ? . , . , what has happened? has he got his wa ? ., , ., , , ., what has happened? has h
it continues to be an example, the need to continue to push for progress. but i also think, this is a great day of celebration and celebrating accomplishments for women all around the world. in how far we have come. i think it s a great day to reflect and also great day to reflect and also great day to reflect and also great day to celebrate and a great day to celebrate and a great day to celebrate and a great day to continue to push for more. i day to continue to push for more. ., , ,., , day to continue to push for more. ., , , ., more. i absolutely agree with ou more. i absolutely agree with you there- more. i absolutely agree with you there. just more. i absolutely agree with you there. just to more. i absolutely agree with you there. just to say, - more. i absolutely agree with you there. just to say, i ve i you there. just to say, i ve been a financial journalist you there. just to say, i ve been a financialjournalist for more than 20 years in the difference between men and
people are predicting. joining me now is paul lewis, a financialjournalist, and presenter of money box on bbc radio 4. thanks forjoining us. people don t need reminding about how dramatically built totten butjust in terms of looking back, £1400 last october how much bills have gone 0ctober how much bills have gone up. ed davey saying they could grab by that whole and out again and others saying they could go even higher. what is anticipated for where they could be in october? the latest where they could be in october? tue: latest forecast where they could be in october? tte: latest forecast i ve where they could be in october? tt2 latest forecast i ve just seen from cornel insight, is bills will treble. 1400 last year, it could be 4200 a year from this next winter. just to be clear, in monthly terms, the typical bill is just over £100 last winter, it ll be more klich 350