Turkey’s inflation fell for the first time in 18 months, a sign of moderating price pressures as the country’s central bank ended its interest-rate cutting cycle.
The consumer price index–which measures what consumers pay for goods and services–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 Turkstat showed 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. In an unorthodox move driven by political pressure, the bank has reduced interest rates by 500 basis points since August even as inflation hit its highest levels in 25 years.
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