Turkey: Inflation slows in November to 84.4% year on year
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, official data showed on Monday.
The continued devaluation of the Turkish lira is fueling a persistent surge in inflation.
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 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.
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.
“We will soon witness a rapid slowdown in inflation,” assured the Head of State on Saturday.
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.
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.
The rise in prices is particularly marked for energy and food, with an average increase of 138.6% in the prices of food products.