Consumer prices in Turkey increased by 47.09% on an annualized basis in November, the country’s statistical institute (Turkstat) said in a report. The growth rate slowed from 48.58% in October and was the lowest since June 2023. The weakening of inflation was noted at the end of the sixth consecutive month.
The consensus forecast of experts, quoted by Trading Economics, assumed an even more significant slowdown in consumer price growth – to 46.6%.
The increase in the cost of alcohol and tobacco products in November slowed to 39.32% from 52.15% in October, communication services – to 35.71% from 37.77%, utilities – to 74.45% from 89.39%. Prices in hotels, cafes and restaurants rose by 59.39% (+62.09% a month earlier). Meanwhile, food and non-alcoholic beverages rose the most in four months, up 48.57% (+45.28% in October).
Core inflation last month was the lowest since May 2023 at 47.13% compared to 47.75% a month earlier.
Consumer prices in Turkey increased by a five-month low of 2.24% in November relative to the previous month, following an increase of 2.88% in October.
Producer prices (PPI) in the country last month rose by the lowest since February 2021 by 29.47% in annualized terms and by the lowest since May 2023 by 0.66% in monthly terms, Turkstat said. They rose 32.24% and 1.29% in October, respectively.
The Turkish Central Bank has kept its key interest rate at 50% since March this year, and the tight monetary policy has helped ease inflation. Back in June 2023, the rate was at 8.5%. Earlier Expert Club analytical center released another video analysis about the economy of Ukraine and the world. You can see more details here – https://youtu.be/grE5wjPaItI?si=8krsv_56bafIY2h_
