Inflation in Turkey moderated again in November and fell to just over 31%, compared to 32.87% in October, reaching its lowest level in four years, according to official data released on Wednesday by the Turkish Statistical Institute (TÜİK): figures that confirm that the Consumer Price Index (CPI) has been falling for 18 months, with the sole exception of September’s inflation figure.
According to the report published this morning by Türkiye’s official statistics agency, November’s inflation was 31.1%, which is also below analysts’ forecasts of a CPI figure of around 31.6%. This is the smallest year-on-year price increase since November 2021, when prices in Turkey rose by 21.31%.
By expenditure groups, the highest year-on-year price increases were recorded in education (66.17%), housing (49.92%) and hotels and restaurants (33.91%). On the other hand, the lowest increases were in clothing and footwear (8.99%), communications (17.78%) and leisure and culture (25.87%). In monthly terms, inflation went from growing by 2.55% in October to only 0.87% in November, also below market expectations, which anticipated a monthly CPI increase of around 1.25%.
To put Turkey’s disinflation process in perspective, just one year ago annual inflation in the Eurasian country stood at 47.09%, while two years ago -November 2023- it reached 61.98%. At its last meeting, the Turkish Central Bank cut the benchmark interest rate by 100 basis points to 39.5%, supported by the downward trend in CPI observed in recent months.
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Edited and reviewed by:
Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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