Annual inflation rate at 11.84 pct in December

Annual inflation rate at 11.84 pct in December

ANKARA-Anadolu Agency
Annual inflation rate at 11.84 pct in December

Turkey posted an 11.84 percent annual hike in consumer prices in December, the Turkish Statistical Institute (TÜİK) announced on Jan. 3.

The annual inflation rose 1.28 percentage points last month, up from 10.56 percent in November.

December 2018 annual inflation rate was 20.30 percent, according to TÜİK.

A group of 14 economists polled by Anadolu Agency expected annual inflation to hit 11.51 percent and monthly inflation to reach 0.45 percent in December.

The price of alcoholic beverages and tobacco recorded the highest annual rise in the month with 43.12 percent, while the lowest annual increase was 3.16 percent in communication.

On a monthly basis, consumer price index saw a rise of 0.74 percent in December.

"The highest monthly decrease was 1.91 percent in clothing and footwear," TÜİK said. 

Food and non-alcoholic beverages showed a 2.93 percent rise, transportation 0.57 percent, and health and miscellaneous goods and services 0.42 percent.

Official figures revealed that the 12-month average hike in consumer prices was 15.18 percent as of this end-2019.

Since the beginning of the year, inflation fell by 8.51 percentage points from 20.35 percent in January.

This October recorded the lowest annual inflation rate it had seen in the last three years with 8.55 percent.

Turkey's inflation rate is expected to hit 12 percent this year, as laid out in the new economic program for 2020-2022 announced by the government this September.

The country's year-end inflation forecast of Turkish Central Bank was in line with the government's projection.Over the last decade, annual inflation saw its lowest level at 3.99 percent in March 2011, while it peaked at 25.24 percent in October 2018.