Turkiye’s inflation slows below 85% in first decline in over year

Turkiye’s inflation slows below 85% in first decline in over year
# 05 December 2022 12:09 (UTC +04:00)

Turkish inflation slowed for the first time in over a year and a half, though measures to revive the economy ahead of elections in 2023 may keep it elevated for some time, APA reports citing Reuters.

Consumer prices rose an annual 84.4% in November, down from 85.5% the previous month, according to data released on Monday. The median forecast of economists surveyed by Bloomberg was 84.8%.

The statistical effect of a high base a year earlier and two months of relative stability in the Turkish currency are starting to help contain cost increases, even as inflation remains near the fastest since 1998. On a monthly basis, prices grew 2.9% in November.

Inflation this year reached the highest level since President Recep Tayyip Erdogan took power almost two decades ago after Turkey embarked on policies that prioritized economic growth and cheap lending at the expense of the lira and price stability. Officials have blamed faster price increases on high commodity costs, partly caused by Russia’s invasion of Ukraine, and other external factors.

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THE OPERATION IS BEING PERFORMED