Financial News: Turkey Inflation Eases To 4-Year Low

Turkey Inflation Eases To 4-Year Low

(RTTNews) - Turkey's consumer price inflation eased further in November to the lowest level in four years, figures from the Turkish Statistical Institute showed on Wednesday.

Consumer price inflation softened to 31.07 percent in November from 32.87 percent in October.

This was the lowest rate since November 2021, when prices had risen 21.31 percent. The rate was forecast to slow to 31.6 percent.

Inflation based on food and non-alcoholic beverages moderated to 27.44 percent from 32.87 percent. Similarly, the annual price growth in housing and utilities moderated to 49.92 percent from 50.96 percent. Meanwhile, inflation based on transportation accelerated to 29.23 percent from 27.33 percent.

On a monthly basis, consumer prices rose 0.87 percent in November, following a 2.55 percent increase in the previous month.

Another report from the statistical office showed that producer price inflation rose slightly to 27.2 percent in November from 27.0 percent a month ago.

Prices of mining and quarrying climbed 32.60 percent, and manufacturing reported a 27.04 percent rise. Producer prices of electricity, gas, steam, and air conditioning grew 24.92 percent and surged 57.62 percent for water supply.

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