Turkey’s very high inflation continues to weaken only slightly. In November, consumer prices rose by about 47.1 percent compared to the same month last year, the statistics agency announced in Ankara on Tuesday. Although this is the lowest inflation rate since last summer, the decline in inflation has become increasingly weaker in recent months.
Inflation fell by about ten percentage points each in August and July. In September, inflation only fell by just over two points, while it barely fell in October and November.
Cost explosion in school education, household management and catering
On a monthly basis, consumer prices rose by 2.2 percent in November, slightly more than expected. The strongest annual price drivers were the costs of school education, household maintenance and restaurant visits.
The country’s central bank had countered inflation by raising interest rates. With the approval of President Recep Tayyip Erdogan, the central bank has raised the key interest rate by 41.50 percentage points since June 2023. However, Turkey’s key interest rate has remained unchanged at 50 percent since March.
Source: Krone
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