Inflation in Turkey slowed to 84.39% after 17 months of rising

Official data showed Monday, December 5, that Turkey’s annual inflation slowed to 84.39% in November, just short of expectations, ending a 17-month period of increases since last year when the central bank began cutting interest rates.

The Turkish Statistical Institute said that consumer prices rose 2.88% monthly, compared to expectations in a Reuters poll for an increase of 3%.

On an annual basis, consumer price inflation is expected at 84.65%, reaching a 24-year high of 85.51% in October.

The domestic producer price index rose 0.74% monthly in November, an annual increase of 136.02%.

Last month, Turkey’s central bank ended an unconventional easing cycle it carried out despite rising prices, cutting the interest rate to 9% from 19% in response to President Recep Tayyip Erdogan’s call for stimulus.