Turkey: Annual Inflation Jumps to 14%, Its Highest Level in More Than a Year

Annual inflation in Turkey jumped higher than expected, registering 14.03% in November, the highest level since August 2019 due to the drop in the lira, which remains on the pressures urging monetary policy tightening after a big interest rate hike last month.

On a monthly basis, consumer prices increased 2.30% in November, Turkish Statistics Institute data showed on Thursday, compared to a Reuters poll that predicted a 1% rise in October and annual inflation of 11.89%. On an annual basis, the survey forecast 12.6% inflation.

Inflation is hovering near 12% since the beginning of the year, despite a sharp economic decline in the second quarter due to tightening measures to combat the first outbreak of the Coronavirus.