The statistical effect of a high base a year earlier and two months of relative stability in the Turkish currency are starting to help contain cost increases. Data on Monday will show consumer prices rose an annual 84.9% last month, according to a Bloomberg survey of analysts, down from a 24-year high of 85.5% in October.
Turkish policies that prioritised economic growth and cheap lending at the expense of the lira and price stability have culminated in this year’s inflation shock. Officials have blamed faster price increases on high commodity costs, partly caused by Russia’s invasion of Ukraine, and other external factors.“Expansionary policies ahead of next year’s elections will add fuel to the fire.
Core inflation, which reflects underlying price pressures by stripping out volatile items like food and energy, exceeded 70% in October – a record high in data going back to 2004.
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