Duvar English/Anadolu Agency

Turkey’s annual inflation rate has hit double-digit figures once again, with Treasury and Finance Minister Berat Albayrak saying “a little” increase took place.

The country saw a 10.56 percent annual hike in consumer prices in November, the Turkish Statistical Institute (TÜİK) said on Dec. 3.

“The recovery in the outlook is continuing. Since the beginning of the year, inflation has fallen by almost 10 percentage points. We will maintain our strong stance in the fight against inflation,” Albayrak tweeted.

“The stabilization of the exchange rate during the balancing period, rise in food supply and fall in imports maintain the positive outlook in inflation,” he added.

Last month, the annual inflation rose 2.01 percentage points from 8.55 percent in October.

The highest price increase on a yearly basis was recorded in alcoholic beverages and tobacco with 43.35 percent in November, according to the statistical authority.

It was followed by education (14.35 percent), miscellaneous goods and services (14.03 percent), health (13.85 percent) and hotels, cafes and restaurants (13.07 percent).

On a monthly basis, consumer price index rose 0.38 percent in November.

Clothing and footwear posted the highest monthly price increase with 2.69 percent while the highest monthly fall was seen in miscellaneous goods and services with 0.44 percent.

TÜİK data also showed that the 12-month average hike in consumer prices was 15.87 percent as of last month.

Turkey’s inflation rate is expected to hit 12 percent this year, as laid out in the new economic program for 2020-2022 announced by the government this September.

In its latest report, Turkey’s Central Bank last week cut the country’s year-end inflation forecast from 13.9 percent to 12 percent, in line with the government’s projection. 

Albayrak on Dec. 3 also said that Turkey will end 2019 achieving below 12 percent inflation target, adding that pressures in consumer prices due to producer price index decreased considerably.

This year, October recorded the lowest annual inflation rate with 8.55 percent.

Over the last decade, annual inflation saw its lowest level at 3.99 percent in March 2011, while it peaked at 25.24 percent in October 2018.