Annual inflation in Turkey hits 12.98 percent

November's annual rate up from 11.90 percent in October, according to official data

By Tuba Sahin

ANKARA (AA) - Annual inflation reached 12.98 percent in November, the Turkish Statistical Institute (TurkStat) said Tuesday.

Prices rose 1.49 percent on October, a slowing of the 2.08 percent rate from September to October.

The transport sector showed the largest year-on-year price rise -- an 18.56 percent increase -- while clothing and footwear prices leapt 3.77 percent in November, the biggest monthly rise.

“There was no decrease in the main expenditure groups in November 2017,” TurkStat reported. “The lowest monthly increase was in alcoholic beverages and tobacco with 0.01 percent amongst the main expenditure groups.”

Annual inflation stood at 11.90 percent in October, a 9.52 percent rise since December last year.

Inflation rose steadily during 2017, from 9.22 percent in January to November’s 12.98 percent.

In September, the government’s medium-term forecast predicted a 5 percent inflation rate for 2020, down from 8.5 percent in 2016, and 9.5 percent by the end of 2017.

Kaynak:

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