Turkish Inflation Falls to 31.07%, Lowest Rate in Four Years

Turkey's annual inflation rate fell to 31.07% in November, the lowest level recorded in four years. The Turkish Statistical Institute (TurkStat) released the official data on Monday. The figure marks a significant slowdown from the peak of over 85% in late 2022. Prices have now risen at a slower pace for 17 of the past 18 months. Economists attribute the steady decline to aggressive interest rate hikes by Turkey's central bank. The bank has raised its key policy rate from 8.5% to 40% in a series of moves since June 2023 to combat soaring prices. While the November data shows progress, inflation remains high. The central bank has signaled its tight monetary policy will continue until the inflation outlook improves substantially.