Turkey's inflation dips to 84.39% for the first time after a span of 17 months

Turkish annual inflation slipped to 84.39% in November, official data showed on Monday, just below forecast, ending a 17-month long period of rises since last year when the central bank began cutting interest rates.

Month-on-month, consumer prices rose 2.88%, the Turkish Statistical Institute said, compared to a Reuters poll forecast of 3%. Annually, consumer price inflation was forecast to be 84.65%. It hit a 24-year high of 85.51% in October.

The domestic producer price index was up 0.74% month-on-month in November for an annual rise of 136.02% .


Last month, the central bank wrapped up its unorthodox easing cycle, which it carried out despite soaring prices, lowering its policy rate to 9% from 19% in line with President Tayyip Erdogan's calls for stimulus.