Consumer price inflation in Turkey
Consumer price inflation slowed in November in Turkey for the first since May 2021, to 84.4% year on year from 85.5% in October, according to official data released on Monday.
Inflation, fueled by the continued decline of the Turkish lira, had only accelerated in the country until then, reaching levels not seen since 1998.
Inflation, fueled by the continued decline of the Turkish lira, had only accelerated in the country over the past eighteen months, reaching levels not seen since 1998.
Consumer price inflation slowed in November in Turkey for the first since May 2021, to 84.4% year on year from 85.5% in October, according to official data released on Monday. Inflation, fueled by the continued decline of the Turkish lira, had only accelerated in the country over the past eighteen months, reaching levels not seen since 1998.
The rise in prices is particularly marked for energy and food, with an average increase of 138.6% in the prices of food products.
The official figures are, however, disputed by independent economists from the Inflation Research Group (Enag) who claim that the rise in prices slowed in November to 170.7% over twelve months – including 125% since January 1 -, against 185.3% in October.
A slowdown in inflation in January?
Turkish President Recep Tayyip Erdogan, candidate for his own succession in 2023, says he favors growth and employment over price stability and regularly promises that Turkey will “overcome” the problem of inflation after the New Year.
The head of Turkey’s central bank said last week that the inflation rate would decline to 22.3% in 2023, but would not return to single digits until 2024.
“We will soon witness a rapid slowdown in inflation,” assured the Head of State on Saturday.
Turkey has experienced double-digit inflation almost continuously since the beginning of 2017, but in recent months it has reached levels more marked since the end of the 1990s.
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