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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


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