Turkey's inflation drops for 6th consecutive month

MG News | December 03, 2024 at 04:22 PM GMT+05:00

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December 03, 2024 (MLN): Turkey's annual inflation rate slowed for the sixth month in a row in November, as the central bank has kept borrowing costs high to battle price rises, according to the Turkish statistical institute.

Consumer prices rose by 47.09% last month, down from 48.58% in October.

The central bank began to raise interest rates last year to battle soaring prices, after President Recep Tayyip Erdogan dropped his opposition to orthodox monetary policy.

Its main interest rate has been kept at 50% for the past 8 months.

The central bank has raised its forecast for inflation for this year and the next as consumer price increases slowed less than expected in recent months.

It now expects inflation to reach 44% at the end of 2024, up from a previous estimate in August of 38%.

Consumer prices are expected to rise by 21% by the end of 2025, compared to 14% in the last forecast.

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