Inflation in Turkey has climbed above 83% - a 24-year-high.
The transport, food, and housing sectors have seen the biggest rise in prices.
Independent experts the Inflation Research Group estimate the annual rate is actually 186.27%.
The transport sector saw the sharpest increases in annual prices at 117.66%, followed by food and non-alcoholic drinks at 93%.
Mr. Erdogan has described interest rates as the mother and father of all evil, and his economic policies include intervening in foreign exchange markets.
US Banking giant JP Morgan says Turkey's inflation would remain in the abnormally high range until policies get orthodox.