ISTANBUL: Turkiye annual inflation rate slowed for the sixth month in a row in November, official data showed Tuesday, as the central bank has kept borrowing costs high to battle price rises.
Consumer prices rose by 47.1 percent last month, down from 48.6 percent in October, according to the Turkiye statistics agency.
The central bank began to raise interest rates last year to battle soaring prices, after President Recep Tayyip Erdogan dropped his opposition to orthodox monetary policy.
Its main interest rate has been kept at 50 percent for the past eight months.
Turkish inflation higher than expected at 48.58% in October
The central bank has raised its forecast for inflation for this year and the next as consumer price increases slowed less than expected in recent months.
It now expects inflation to reach 44 percent at the end of 2024, up from a previous estimate in August of 38 percent.
Consumer prices are expected to rise by 21 percent by the end of 2025, compared to 14 percent in the last forecast.
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