Turkey's November consumer prices rise less than forecast on cheaper oil

ISTANBUL - Reuters

Turkish consumer prices rose less than expected month-on-month in November as falling oil prices helped bring down transport costs and food inflation climbed less than feared.

Consumer prices rose 0.18 percent month-on-month in November, below a forecast of a 0.3 percent rise in a Reuters poll, the Turkish Statistics Institute said on Nov. 2.

The Central Bank is battling to rein in inflation even as the economy slows and conflict rages in neighboring countries. It expects consumer prices to start falling next year.

Consumer prices roses 9.15 percent year-on-year, while domestic producer prices fell 0.97 percent on the month, for an annual rise of 8.36 percent, the data showed.

Food and non-alcoholic beverages rose fastest on an annual basis, registering an increase of 14.37 percent. Clothing and footwear registered the largest monthly price rise of 4.11 percent.