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Gautam Adani has had a very good year.

The Indian billionaire briefly surpassed Amazon founder Jeff Bezos to become the second-richest person in the world in September, according to Bloomberg. He’s now ranked as the world’s fourth wealthiest person.

Outside Southeast Asia, Adani is hardly a household name. That might be changing now that he’s richer than Microsoft founder Bill Gates and iconic investor Warren Buffett.

“The kind of rise that you have seen is truly phenomenal and probably unprecedented in the world that in such a short time a single individual has been able to acquire assets across industrial sectors and has emerged as one of the largest billionaires in the world,” said Hemindra Hazari, an independent research analyst based in Mumbai, India.

Coming from a middle-class family background, Adani began his entrepreneurial journey in the country’s financial capital, Mumbai, as a diamond sorter in the late 1970s. Adani is now chair of the Adani Group, one of the three largest industrial conglomerates in India.

Adani’s company representatives did not respond to several requests for comment from CNBC.

Why is Adani’s wealth on the rise? Watch the video above to learn more about how Adani’s political connections may have boosted the success of his many companies. 

Inflation in August was stronger than expected despite the Federal Reserve’s efforts to bring down prices, according to data Friday that the central bank follows closely.

The personal consumption expenditures price index excluding food and energy rose 0.6% for the month after being flat in July. That was faster than the 0.5% Dow Jones estimate and another indication that inflation is broadening.

On a year-over-year basis, core PCE increased 4.9%, more than the 4.7% estimate and up from 4.7% the previous month.

Including gas and energy, headline PCE increased 0.3% in August, compared with a decline of 0.1% in July. It rose even with a sharp decline in gas prices that took the cost at the pump well below the nominal record above $5 a gallon earlier in the summer.

The Fed generally favors core PCE as the broadest indicator of where prices are heading as it adjusts for consumer behavior. In the case of either core or headline, the data Friday from the Commerce Department shows inflation running well above the central bank’s 2% long-run target.

Outside the inflation data, the numbers showed that income and spending continues to grow.

Personal income rose 0.3% in August, the same as July and in line with the estimate. Spending rose 0.4% after declining 0.2% the month before, beating the 0.3% expectation. After-tax income increased just 0.1% after rising 0.5% the previous month, while inflation adjusted spending rose 0.1%.

The inflation data reflected the shift in spending from goods back to services, which saw respective gains of 0.3% and 0.6% on the month. Food prices rose 0.8% while energy prices slid 5.5%. Housing and utilities prices were up 1% while health care rose 0.6%.

Markets showed little reaction to the news, with stock futures pointing to a slightly higher open on Wall Street.

The market, however, has been highly volatile as investors deal with the highest inflation since the early 1980s. To combat inflation, the Federal Reserve has enacted a series of interest rate increases this year totaling 3 percentage points, taking rates to their highest levels since early 2008.

However, with data showing that the rate hikes have yet to work their way through to bringing down prices, Fed officials have remained vigilant about the need to keep tightening policy.

Fed Chair Lael Brainard in a speech Friday morning cautioned against pulling back “prematurely,” saying rates will remain higher “for some time” until inflation is brought under control.

Turkey will keep cutting interest rates, its President Recep Tayyip Erdogan said, despite soaring inflation at over 80%.

The central bank of Turkey will not be raising rates, he told CNN Turk on Wednesday night, adding that he expects the country’s key rate, currently 12%, to hit single digits by the end of this year.

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Faced with deepening economic problems, Erdogan also took the time to throw some barbs at the U.K., saying that the British pound has “blown up.”

The U.K. currency recently hit a historic low against the U.S. dollar at close to $1.03, as the new Conservative government led by Prime Minister Liz Truss put forward an economic plan — based heavily on borrowing and tax cuts despite mounting inflation — that sent markets reeling.

It’s prompted alarmed reactions from U.S. economists, policymakers and the International Monetary Fund, with some saying the U.K. is behaving like an emerging market.

Turkey’s lira, meanwhile, hit a record low of 18.549 against the dollar on Thursday. The currency has lost roughly 28% of its value against the dollar this year and 80% in the last 5 years as markets shunned Erdogan’s unorthodox monetary policy of cutting interest rates despite high inflation.

“Oh the irony, Erdogan giving Truss advice on the economy,” Timothy Ash, an emerging markets strategist at BlueBay Asset Management, said in an email note. 

“Turkey has 80% inflation and I guess the worst performing currency over the past decade. Lol. How low the U.K. has sunk.”

Erdogan doubled down on his controversial monetary plan on Thursday, saying that he told central bank decision-makers to continue lowering rates at its next meeting in October.

“My biggest battle is against interest. My biggest enemy is interest. We lowered the interest rate to 12%. Is that enough? It is not enough. This needs to come down further,” Erdogan said during an event, according to a Reuters translation.

“We have discussed, are discussing this with our central bank. I suggested the need for this to come down further in upcoming monetary policy committee meetings,” he added. Turkey’s central bank shocked markets with two consecutive 100 basis point cuts in the last two months, as many other major economies seek to tighten policy.

The lira meanwhile is set to fall further as Turkey prioritizes growth over tackling inflation, which is at its highest in 24 years. In addition to the skyrocketing living costs this has brought on Turkey’s population of 84 million, the country is burning through its foreign exchange reserves and has a widening current account deficit.

As the U.S. Federal Reserve raises its interest rate and the dollar grows stronger, Turkey’s many dollar-denominated debts, and the energy it imports in dollars, will only become more painful to pay for.

“With external financing conditions tightening, the risks remain firmly skewed to sharp and disorderly falls in the lira,” Liam Peach, a senior emerging markets economist, wrote in a note after Turkey’s last rate cut on Sept. 22.

“The macro backdrop in Turkey remains poor. Real interest rates are deeply negative, the current account deficit is widening and short-term external debts remain large,” he wrote. “It may not take a significant tightening of global financial conditions for investor risk sentiment towards Turkey to sour and add more downward pressure on the lira.”