Consumer price inflation slowed in November in Turkey for the first time 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 especially pronounced for energy and food, with an average increase of 138.6% in the prices of food products.
The official figures are, however, questioned by independent economists from the Inflation Studies Group (Enag) who affirm that the rise in prices slowed down in November to 170.7% in twelve months -including 125% from 1 January-, compared to 185.3% in October.
A slowdown in inflation in January?
Turkish President Recep Tayyip Erdogan, a candidate for his own succession in 2023, says he favors growth and jobs over price stability and regularly promises that Turkey will “overcome” the problem of inflation after the New Year.
Turkey’s central bank chief said last week that the inflation rate would drop to 22.3% in 2023, but not return to single digits until 2024.
Turkey has experienced almost continuous double-digit inflation since the beginning of 2017, but in recent months it has reached steeper levels since the late 1990s.
Source: BFM TV
