Restaurants, hotels, foodstuffs services rose the most over the year.
The annual growth rate of consumer prices in Turkey reached a three-year maximum – 21.3% compared to November 2020.
This is reported by the dpa edition.
According to the Turkish statistical office, compared with October, inflation in November increased by 3.51%. The most significant rise in prices for the year was for restaurants, hotels, food products.
The Turkish economy is already struggling with the fall of the lira exchange rate, high external debt and unemployment.
President Recep Tayyip Erdogan, whose public support is at an all-time low after nearly 20 years in power, vowed to punish speculators this week. Erdogan believes that his theory – “that lower interest rates will lower inflation” – will someday work.
In recent months, the president has pressed the central bank to sharply reduce the base interest rate, which is why inflation is only growing.
We remind you that last week in a number of large cities, including Istanbul and Ankara, there were protests due to the collapse of the local currency – the lira – in relation to dollar.
