A man buys a mobile phone in Ankara, Türkiye, on Nov. 3, 2022. Türkiye's annual inflation surged to 85.51 percent in October, the highest in 24 years, the Turkish Statistical Institute announced on Thursday. (Photo by Mustafa Kaya/Xinhua)

ANKARA, Nov. 3 (Xinhua) -- Türkiye's annual inflation surged to 85.51 percent in October, the highest in 24 years, the Turkish Statistical Institute announced on Thursday.

Consumer prices increased by 3.54 percent from the previous month, according to the data.

The highest annual price surge was in the transportation sector with 117.5 percent. The cost of food and non-alcoholic drinks increased by 99.05 percent, while furnishings and household equipment prices were up 93.63 percent.

The domestic producer price index climbed 7.83 percent month-on-month in October, with an annual rise of 157.69 percent.

Inflation in Türkiye has been on an uninterrupted rise since May 2021. Turkish households have seen a sharp decline in their purchasing power despite government anti-inflation measures and salary increases.

Turkish President Recep Tayyip Erdogan is an advocate of low-interest rates in hopes of boosting growth and employment with the aim of recording a current account surplus rather than fighting high inflation.

"Many institutions and individuals, from the United Nations to many economists, agree with the cause-and-effect relationship we established between inflation and interest rates," Erdogan said on Wednesday.