Turkey’s annual inflation rate at 10.56% in November

Last month, highest annual rise was 43.35% in alcoholic beverages and tobacco, says country’s statistical authority

Turkey saw a 10.56% annual hike in consumer prices in November, the Turkish Statistical Institute (TurkStat) said on Tuesday.

Last month, the annual inflation rose 2.01 percentage points from 8.55% in October.

The highest price increase on a yearly basis was recorded in alcoholic beverages and tobacco with 43.35% in November, according to the statistical authority.

It was followed by education (14.35%), miscellaneous goods and services (14.03%), health (13.85%) and hotels, cafes and restaurants (13.07%).

Last week, an Anadolu Agency survey showed that a group of 14 economists forecast an average annual climb of 10.97% in consumer prices for the month.

The economists also forecast that Turkey’s year-end annual inflation would be 11.99% on average, with predictions varying between 10.70 and 12.52%.

On a monthly basis, consumer price index rose 0.38% in November.

Clothing and footwear posted the highest monthly price increase with 2.69% while the highest monthly fall was seen in miscellaneous goods and services with 0.44%.

TurkStat data also showed that the 12-month average hike in consumer prices was 15.87% as of last month.

Turkey’s inflation rate is expected to hit 12% this year, as laid out in the new economic program for 2020-2022 announced by the government this September.

In its latest report, Turkey’s Central Bank last week cut the country’s year-end inflation forecast from 13.9% to 12%, in line with the government’s projection.

This year, October recorded the lowest annual inflation rate with 8.55%.

Over the last decade, annual inflation saw its lowest level at 3.99% in March 2011, while it peaked at 25.24% in October 2018.

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