Turkey’s inflation surge continues in Nov. ’24

Turkey’s inflation continued to surge in November 2024, with the Consumer Price Index (CPI) rising to 47.09 per cent year-on-year and 2.24 per cent month-on-month. The 12-month moving average CPI change stood at 60.45 per cent, reflecting sustained inflationary pressures.

Transport recorded the lowest annual increase at 26.24 per cent, while education saw the highest surge at 92.49 per cent. Month-on-month, the most significant rise was in food and non-alcoholic beverages, which jumped 5.10 per cent, while clothing and footwear experienced the largest monthly decline.

Of the 143 main headings in the CPI, 106 categories saw price increases, 27 decreased, and 10 remained unchanged.

The core CPI, which excludes unprocessed food, energy, alcoholic beverages, tobacco, and gold, showed a 1.54 per cent monthly increase and a 42.28 per cent annual rise.

Turkey’s central bank recently decided to maintain its policy rate at 50 per cent, citing stable core goods inflation and improving trends in services inflation.

Attribution: TURKSTAT

Subediting: M. S. Salama