Turkey's annual inflation declines to 22 pct in November

ANKARA

The consumer price index has seen a 21.62-percent annual hike in November, the Turkish Statistical Institute (TÜİK) said.

The annual inflation fell by 3.62 percentage points from 25.24 percent in October, according to its statement on Dec. 3.

The highest price increase on a yearly basis was seen in furnishing and household equipment with 32.73 percent in November.

"Miscellaneous goods and services with 27.87 percent, food and non-alcoholic beverages with 25.66 percent, housing with 24.76 percent and recreation and culture with 21.18 percent were the other main groups where high annual increases realized," read TÜİK’s statement on its website.

"A decrease in general index was realized in CPI (2003=100) on the previous month by 1.44 percent and rises were realized on December of the previous year by 20.79 percent, on same month of the previous year by 21.62 percent and on the twelve months moving averages basis by 15.63 percent in November 2018," it added.

A survey conducted by Anadolu Agency showed that a group of 16 economists forecast an average annual climb of 22.61 percent in consumer prices.

Meanwhile, domestic producer price index decreased by 2.53 percent in November, according to TÜİK.

"D-PPI increased by 36.68 percent on December of the previous year basis, by 38.54 percent on same month of the previous year basis and by 25.52 percent on the twelve months moving averages basis in November 2018," it said.

'Rebalancing'

Turkish Treasury and Finance Minister Berat Albayrak said inflation figures have proved the success of the anti-inflation policy of the government put into action after annual inflation rate reached 24.5 percent in September, up from 17.9 percent in August.

“The rebalancing process has shown its effects on the inflation figures as it did on the exchange rates and interest rates,” he said on his Twitter account on Dec. 3.

“We have been supporting the period of removing the price bubble by our strong stance in monetary and fiscal policies,” he added.

Albayrak also predicted the continuation of decline in inflation rates in December, hitting the inflation target of the New Economic Program.

The economic program, announced by Albayrak on Sept. 20, forecasts that inflation would rise to 20.8 percent this year before dropping to 15.9 percent in 2019 and 9.8 percent in 2020.