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6 Dec, 2022 05:29

Turkish inflation shows signs of cooling off

Consumer prices are down from October’s peak, official data shows
Turkish inflation shows signs of cooling off

Inflation in Türkiye slowed last month for the first time since May 2021, data from state statistics agency TUIK showed on Monday.

According to the report, consumer prices rose an annual 84.4% in November, down from the record 85.5% in the previous month. Prices have been rising steadily from last year’s low of 16.6%.

“As we have previously stated in various media, we have entered a downward trend in inflation, leaving the peak behind, unless there is an unexpected global development,” Finance Minister Nureddin Nebati said on Twitter.

Inflation this year reached the highest level in more than two decades, with the government primarily blaming the global spike in food and energy prices for the trend.

The country’s currency, the lira, shed 44% of its value last year, becoming one of the world's worst-performing currencies. It has declined by a further 29% so far in 2022.

Last month, the country’s central bank slashed its benchmark interest rate for the fourth time in a row, in line with President Recep Tayyip Erdogan’s demand. Türkiye’s leader has repeatedly spoken out against raising the interest rates, claiming that it causes inflation, contrary to what economists generally believe.

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