Turkey's annual inflation slowed slightly in November to 84.4% after hitting a 24-year high of 85.5% in October, the country's official statistics show.

This is the first known slowdown in inflationary pressures in Turkey in 18 months.

Turkey's consumer price index (CPI) rose 2.88 percent in November from October, when it rose 3.5 percent.

Compared to a year earlier, inflation in November slowed to 84.39% from 85.51% in October.

Prices in the communication sector grew the least - by 35.87% compared to November 2021.

The most drastic growth in November on an annual basis was once again in transport prices (a jump of 107.03%, but after a growth of as much as 117.2% in October), followed by that of food and non-alcoholic beverages (an increase of 102, 3% after growth of 99.1% a month earlier), of furniture and household equipment (up 92.83% after growth of 93.6% in October), of housing utilities (up 82.85), while clothing and footwear prices rose 36.96% in November from a year earlier, but after growing 41.3% in October.

Prices in Turkey have surged since the country's central bank began cutting interest rates last year to boost lending.

However, last month it said it had ended its rate easing (cutting) cycle, after cutting the benchmark interest rate from September 2021 by a total of 10 percentage points to 9%.

At the same time, the central bank forecasts that inflation in Turkey will reach 65% at the end of the year, with today's data of a rather slight slowdown in inflation in November to 84.39% calling that assessment into question.

The bank has faced pressure from President Recep Erdogan

Recep Tayyip Erdogan - Turkish politician and prime minister.

Born February 26, 1954 in Istanbul.Ends to cut interest rates to single digits as he pushes for economic growth ahead of his bid for a new presidential term in 2023.Unorthodox policy of cutting interest rates amid high inflation waned the Turkish lira against the dollar by almost 30 percent this year.

Recep Erdogan

Turkey

inflation