Türkiye's annual inflation eases to 31.07% in November, hitting 4-year low
Inflation rate in Türkiye drops continuously for last 18 months, with exception of 1 month, says TurkStat
ISTANBUL
Türkiye's annual inflation rate was at 31.07% in November, reaching its lowest level for the last 48 months.
The official figures from the Turkish Statistical Institute (TurkStat) showed on Wednesday that the inflation rate has been falling continuously for the last 18 months, with the exception of one month.
The inflation was down from 32.87% in October, also coming below market expectations of 31.6% for November.
The figure marked the lowest increase in consumer prices in Türkiye since November 2021, when it was 21.31%.
The highest price rises in November on a yearly basis were seen in education with 66.17%, housing 49.92%, and, hotels, cafes and restaurants 33.91%, according to TurkStat data.
On the other hand, the lowest price hikes were in clothing and footwear with 8.99%, communications with 17.78%, and recreation and culture with 25.87%.
TurkStat said there were three main expenditure groups with the highest weight: food and non-alcoholic beverages with an annual inflation of 27.44%, along with transportation with 29.23% and housing with 49.92%.
"The contributions of these main groups to the annual change were 6.83% for food and non-alcoholic beverages, 4.55% for transportation and 7.57% for housing," it added.
On a monthly basis, consumer inflation also fell from 2.55% in October to 0.87% in November, coming below market forecasts of 1.25%.
One year ago, the annual inflation was at 47.09%, and 61.98% in November 2023.
Commenting on the data, Türkiye's Finance Minister Mehmet Simsek said the lowest monthly inflation rate in the last two and a half years was achieved.
"Food inflation, which was well above the long-term average in August-October, normalized in November," Simsek wrote on Turkish social media platform NSosyal.
Simsek emphasized that they expect the moderate trend in monthly inflation to continue in December.
He added that factors such as supportive global financial conditions and moderate commodity prices, tight monetary policy, strengthening financial stability and supportive fiscal policy will contribute to the disinflation process in 2026.
