Turkish inflation eases from 15-year high as lira recovers
ISTANBUL (AP) — Official figures show that Turkey’s inflation rate eased in November in the wake of a firmer currency, which kept a lid on import prices.
The Turkish Statistical Institute said Monday that consumer prices in the year to November were up 21.6 percent, down from October’s 15-year high rate of 25.2 percent.
Turkey’s national currency hit an all time low this summer over concerns about President Recep Tayyip Erdogan’s economic policies and a diplomatic and trade spat with the United States.
Improved relations with the U.S. and a big 6.25 percent interest rate hike have helped shore up the Turkish lira in recent months. Tax cuts and discounted prices have also helped rein in inflation.