Turkish inflation eases for first time in more than a year

Turkey's inflation fell for the first time in 18 months, which marked a moderation in price pressures as the country prepares for a crucial presidential election next year.

The consumer price index increased 84.4% in November compared with the same month a year earlier, down from a 85.5% rise in October, data from the national statistics office TUIK showed on Monday.

November marks the first fall in annual inflation since May 2021, and it was mainly driven by the statistical effect of a high base the same month a year earlier.

On a monthly basis, inflation was 2.9% in November, also easing from the 3.5% increase registered in October.

The Turkish central bank on Nov. 24 cut its benchmark rate to 9% from 10.5%, and signaled the end of its monetary easing cycle that started in August ending a cycle of cut in interest rates by 500 basis points since August even as inflation hit its highest levels in 25 years.

Meanwhile, an independent research group called ENAG claimed the inflation rate was 170.7% in November. ENAG said the November’s monthly inflation was 4.24%.