Inflation in Turkey Jumps to a 3-Year High as The Lira Tumbles

Data on Friday showed that inflation in Turkey rose more than expected to 21.31% on an annual basis in November, its highest level in three years, exacerbating the decline in real yields after the unprecedented decline of the lira to its lowest levels ever.

The Turkish Statistical Institute said consumer prices rose 3.51% on a monthly basis, compared to expectations in a Reuters poll that had indicated a reading of 3% and expectations of an annual reading of 20.7%.

The data showed that the Producer Price Index rose 9.99% month-on-month in November, registering an annual increase of 54.62%.