Turkey's annual inflation rate at 11.89% in October

Turkey's annual inflation rate at 11.89% in October

Turkeys annual inflation rate at 11.89% in October

Turkey posted an 11.89% annual hike in consumer prices in October, the country’s statistical authority said on Nov. 3.  

Annual inflation rose 0.14 percentage points in October, up from 11.75% in September, according to the Turkish Statistical Institute (TÜİK).

The inflation rate in October 2019 stood at 8.55%, it added.

The highest annual price increase was recorded in miscellaneous goods and services with 27.4% last month, TÜİK said.

A group of 17 economists polled by Anadolu Agency last week expected annual inflation to hit 11.76% and monthly inflation to reach 2.01%.

On a monthly basis, the consumer price index saw a rise of 2.13% in October.

Turkey’s inflation rate has fallen by 0.26 percentage points over the course of this year, having started out at 12.15% in January.

As laid out in Turkey’s new economic program for 2021-2023, announced by the government this September, the country’s inflation rate target for 2020 is 10.5%.

Last month, the Turkish Central Bank raised the year-end inflation forecast for 2020 to 12.1%, up from 8.9% in its previous report.