Turkey posted an 11.84 percent annual hike in consumer prices in December, the Turkish Statistical Institute (TurkStat) announced on Friday.
The annual inflation rose 1.28 percentage points last month, up from 10.56 percent in November.
CONSUMER PRICE INDEX SAW RISE
A group of 14 economists polled by Anadolu Agency on Monday expected annual inflation to hit 11.51 percent and monthly inflation to reach 0.45 percent in December. On a monthly basis, consumer price index saw a rise of 0.74 percent in December.
Since the beginning of the year, inflation fell by 8.51 percentage points from 20.35 percent in January. This October recorded the lowest annual inflation rate it had seen in the last three years with 8.55 percent.
Turkey’s inflation rate is expected to hit 12 percent this year, as laid out in the new economic program for 2020-2022 announced by the government this September.
The country’s year-end inflation forecast of Turkish Central Bank was in line with the government’s projection.
Over the last decade, annual inflation saw its lowest level at 3.99 percent in March 2011, while it peaked at 25.24 percent in October 2018.