Turkish annual inflation rose 84.39% in November, official data showed on Dec. 5. This figure came after the inflation rate climbed to its 24-year high of 85.51% in October.
Month-on-month, consumer prices rose 2.88% in November.
In the last four months, the central bank slashed its policy rate by a total of 500 basis points to 9%.
According to unofficial data from the ENAG Inflation Research Group, an independent institution set up in 2020 to track the country’s inflation, Turkey’s annual consumer price inflation rate was 170.70% in November, far higher than official claims. ENAG also said that prices in Turkey increased by 4.24% percent month-on-month in November.
ENAGrup Consumer Price Index (E-CPI) increased by 4.24% in November, 2022— ENAG (@ENAGRUP) December 5, 2022
E-CPI increased by 170.70% in the last 12 months.
Month-on-month the food category led the price rises with 5.75%, followed by alcoholic beverages and tobacco, which rose 3.19%.
Transportation, which includes petrol prices, led the annual rise with 107.3%, followed by food prices at 102.55% and furniture and household equipments at 92.83%.
The domestic producer price index was up 0.74% month-on-month in November for an annual rise of 136.02%.
The government's economic programme prioritises low rates to boost production and exports with the aim of achieving a current account surplus.