Turkish inflation creeps higher as Central Bank pressed to act
Turkey’s annual inflation hit 14.03% in November, well above forecasts, raising pressure on the nation’s new Central Bank governor to impose tight monetary policies.
ISTANBUL — Turkey’s annual inflation rose higher than expected in November, climbing to 14.03% according to data released Thursday by the Turkish Statistical Institute.
Up from 11.89% in October, inflation surged 2.14% in November to its highest level in over a year and above a Reuters poll that forecasted a 12.6% annual rate earlier this week. The rise was credited to growing consumer prices resulting from the Turkish lira’s devolution this year and puts pressure on the nation’s new Central Bank Governor Naci Agbal to impose tight monetary policies.
Following the announcement, the Turkish lira fell to 7.91 per dollar but then recovered and made gains on the day after statements by Turkey’s newly appointed Finance Minister Lutfi Elvan, who said in a series of tweets Thursday that officials would work to reel in inflation.
“We will coordinate monetary and fiscal policy tools to establish price stability and to manage inflation expectations,” Elvan tweeted after the inflation data was published.
