Turkey’s Inflation rate hits record high 14.6 percent in December

Consumer prices in Turkey rose in December, with annual inflation at 14.6 per cent, according to government data released on Monday.

The Turkish Statistical Institute (TurkStat) said that month-on-month, inflation was up by 1.25 percent in December.

Annual inflation was 14.03 per cent in November.

Persistent double-digit inflation last year, a weak lira and the economy hit hard by the coronavirus pandemic puts more pressure on the central bank for a further course correction.

In December, the central bank raised its benchmark interest rate to 17 per cent, in keeping with its pledge to tighten monetary policy under its newly installed governor, Naci Agbal, the previous month.

According to TurkStat, the highest annual price increases were for miscellaneous goods and services, up by 28.12 per cent. The cost of food and non-alcoholic drinks increased by 20.16 per cent, while transportation rose by 21.12 per cent.

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