Turkey's inflation continued to slow in September, raising the possibility that the central bank will cut interest rates at the next interest rate meeting to ease the tight liquidity problems caused by the domestic capital crisis. The Turkish Statistics Authority announced on Monday that the annual increase in consumer prices fell for the fourth month in a row, from 31.5% in August to 29.7%. The median estimate for 18 economists was 30.3%. The monthly price increase was 1.84%, the same as in August, and lower than the median estimate of 2.28% in the 17 analysts' survey. Transportation, education, and housing prices were the main drivers of the rise in prices during the month. After the data was released, the Turkish stock market continued to rise, with bank stocks leading the way. Turkey's BIST Bank Index rose 2.8% for a while, reflecting the market's bets on declining financing costs. Lira bonds were also higher, with two-year bond yields falling 36 basis points to 39.49%. The lira exchange rate was generally stable. It reported 49.16 liras against the US dollar at 10:08 a.m. Istanbul time.

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