ISTANBUL (AFP) – Turkiye’s annual inflation rate slowed for the sixth month in a row in November, official data showed yesterday, as the central bank has kept borrowing costs high to battle price rises.
Consumer prices rose by 47.1 per cent last month, down from 48.6 per cent in October, according to the Turkish statistics agency. The central bank began to raise interest rates last year to battle soaring prices, after President Recep Tayyip Erdogan dropped his opposition to orthodox monetary policy.
Its main interest rate has been kept at 50 per cent for the past eight months.
The central bank has raised its forecast for inflation for this year and the next as consumer price increases slowed less than expected in recent months.
It now expects inflation to reach 44 per cent at the end of 2024, up from a previous estimate in August of 38 per cent.
Consumer prices are expected to rise by 21 per cent by the end of 2025, compared to 14 per cent in the last forecast.
