Turkish Statistical Institute: Inflation slows down in November

The annual consumer price inflation eased from 85.5 percent in October to 84.39 percent in November, the Turkish Statistical Institute (TÜİK) has said.

Also, the pace of growth in monthly inflation slowed last month. Consumer prices, which advanced 3.54 percent in October from September, rose by 2.88 percent month-on-month in November.

“Unless unexpected global developments occur, we have entered the downward path in inflation after having reached a peak,” Treasury and Finance Minister Nureddin Nebati said after the latest inflation data were released.

He added that the relative stability in global commodity prices and some improvement in global economic conditions played a role in the improvement in the inflation outlook.

“But, the FX-protected deposit scheme and other measures taken which support the Turkish Liras also contributed.”

Nebati noted that the decline in inflation will be felt “more” starting next month due to the base effect.

“We will continue to fight inflation with determination while protecting our citizens’ purchasing power with the policies we implement,” the minister wrote on Twitter.