Inflation Falls for Sixth Consecutive Month as Household Prices Decline in Turkey
Turkey: Turkey's annual inflation rate eased for the sixth consecutive month in November, dropping to 47.1% from 48.6% in October. While this marks a decline, it still exceeded analysts' expectations of 46.6%. The slowdown was primarily driven by a reduction in household costs, including housing, electricity, water, gas, and other fuels, which decreased from 89.4% to 74.5%. Inflation for cafes, hotels, and restaurants also fell from 62.1% in October to 59.4%. Additionally, the inflation for tobacco and alcoholic drinks dropped from 52.2% to 39.3%. However, food and non-alcoholic drink inflation rose to 48.6%, a four-month high, up from 45.3% in October.
Core inflation, excluding volatile items, also saw a decline, reaching its lowest level since May 2023 at 47.1%, down from 47.8% the previous month. On a month-to-month basis, inflation was 2.2%, a decrease from October's 2.9%, although it remained above market expectations of 1.9%. This was the smallest monthly increase in five months, indicating a slower pace of inflation growth.
Source: Euro News