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Inflation in Turkey falls in December

The annual inflation rate in Turkey slid to 64.27% in December, which is below forecast, due to a favorable base effect.

President Tayyip Erdogan's unorthodox low interest-rate monetary policy and a resulting currency crisis pushed inflation to a peak of 85.5% in October before dipping slightly in November. In fact, Prices increased by 1.18% in December, which is below a Reuters poll forecast of 2.7%. The forecast for annual consumer price inflation was 66.8%.

However, the base effect has caused a decline in annual inflation from November was a 13.6% month-on-month surge in consumer price inflation in December 2021. Moreover, the Turkish lira was unchanged at 18.7255 against the dollar after the data was released.


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