By Maria Martinez

The Turkish central bank on Thursday reduced its benchmark rate to 9% from 10.5%, even as inflation reached its highest level in almost 25 years in October.

The bank was largely expected to cut interest rates to 9%.

The consumer price index--which measures what consumers pay for goods and services--increased 85.5% in October on year, quickening from a 83.5% rise in September.

Write to Maria Martinez at maria.martinez@wsj.com

(END) Dow Jones Newswires

November 24, 2022 06:17 ET (11:17 GMT)