Inflation in Turkey dropped to 47.1% in November

Turkey's annual rate of inflation slowed for a sixth straight month in November, official data show, as the central bank kept borrowing costs high to fight rising prices.
The Turkish statistics agency said consumer prices rose 47.1 percent last month, down from 48.6 percent in October, AFP reported.
The central bank began raising interest rates last year to combat soaring prices after President Recep Tayyip Erdogan dropped his opposition to orthodox monetary policy.
Over the past eight months, its key interest rate has been held at 50%.
The central bank raised its inflation forecast for this year and next as consumer price growth has slowed less than expected in recent months.
It now expects inflation to reach 44% at the end of 2024, up from a previous estimate of 38% in August.
Consumer prices are expected to rise 21% by the end of 2025, compared with 14% in the last forecast. | BGNES