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.
A man sells Simit on a street corner on Nov. 03, 2022 in Istanbul, Turkey. Turkey's official inflation rate topped 85.5% in October according to state statistics agency TUIK the highest level in 25 years.
A man sells simit on a street corner on Nov. 3, 2022, in Istanbul, Turkey. - Chris McGrath/Getty Images
sonmez color.jpg
Mustafa Sonmez
@mustfsnmz
Read in 

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. 

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.

Videos

See more