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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.
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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. 

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