Turkey's annual inflation rate at 14.03% in November

Turkey's annual inflation rate at 14.03% in November

ANKARA- Anadolu Agency
Turkeys annual inflation rate at 14.03% in November

Turkey posted a 14.03% annual hike in consumer prices in November, the country’s statistical authority said on Dec. 3. 

Annual inflation rate rose 2.14 percentage points in November, up from 11.89% in October, according to the Turkish Statistical Institute (TÜİK).

The consumer price index saw a 2.30% monthly increase, it added.

The inflation rate in November 2019 was 10.56%.

The highest annual price increase was recorded in miscellaneous goods and services, food and non-alcoholic beverages and transportation with 29.42%, 21.08% and 18.67% respectively.

On Tuesday, a group of 23 economists surveyed by Anadolu Agency also projected that November’s monthly inflation to have risen to 12.69% from 11.89%

The government’s year-end inflation target for 2020 is 10.5%, as laid out in the new economic program announced in September.

On the figures, Finance Minister Lütfi Elvan said on Twitter that Turkey will use monetary and fiscal policy tools in coordination to manage inflationary expectations and establish price stability.

November inflation, reflecting rises in food and oil prices and the effects of exchange rate fluctuations, came in above market expectations with 14.03% annually, he said.

"We work hard to minimize the effects of high inflation on the public," he added.