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Turkey Annual Inflation Rose to Three-Year High in November

12/03/2021 | 02:25am EST

By Nihad Ahmed

Turkey's annual rate of inflation rose for the sixth consecutive month in November to a three-year high as a weaker lira and higher inflation expectations pushed prices up further.

The consumer price index rose 21.31% in November compared with the same period of 2020, the Turkish statistics office Turkstat said Friday.

Hotels, cafes and restaurants posted the biggest on-year increase, followed by the food and non-alcoholic beverages category, Turkstat data showed.

Consumer prices were up 3.51% on month in November, Turkstat said.

Facing pressure from President Recep Tayyip Erdogan, the Turkish central bank in November cut its benchmark interest rate for the third time in three months, despite rising double-digit inflation that sits far above its 5% medium target. The president remains fixated on the unconventional view that higher rates cause, rather than rein in, price rises.

The prospect of further rate cuts has sparked a severe selloff in the lira, which has lost some 45% of its value this year, increasing the cost of essential imports and stoking inflation.

Write to Nihad Ahmed at nihad.ahmed@wsj.com

(END) Dow Jones Newswires

12-03-21 0225ET

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