As Turkey’s inflation slows in November, all eyes now on pay hikes
Despite the fall in the annual inflation rate, Turkish consumers are likely to face monthly price increases averaging 3% to 4% in 2023.
Turkey’s annual consumer inflation eased to 84.4% in November from a 24-year high of 85.5% the previous month, slowing for the first time in 18 months, official data showed Monday.
Prices rose 2.9% on a monthly basis in November, the Turkish Statistical Institute said. Turkey’s inflation was stoked by a series of unorthodox rate cuts by the central bank starting in September 2021 that sent the Turkish lira into a tailspin.
