Official data showed on Monday that the annual inflation rate in Turkey fell to 84.39% in November for the first time since May 2021, which is slightly below expectations, ending a period of increases of 17 months since last year.
Turkish Statistical Institute said consumer prices rose 2.88% month-on-month, as expected Consumer price inflation is expected to reach 84.65% year-on-year.
Monthly inflation reached a 24-year high in October, when it reached 85.51%..
The national producer price index instead increased by 0.74% on a monthly basis in November, while on an annual basis it recorded an increase of 136.02%.
Last month, the Turkish central bank ended an unconventional easing cycle that it continued despite rising prices and cut its interest rate to 9% of the 19% respond to President Recep Tayyip Erdogan’s call to stimulate the economy.
