Turkish inflation eases for 1st time in more than a year

ANKARA, Turkey (AP) — Annual inflation in Turkey has eased slightly in November for the first time in more than a year, but remains close to 24-year highs. Consumer prices rose by 84.39% for the year in November, down from 85.51% recorded in October, the Turkish Statistical Institute announced Monday. It was the first time that annual inflation has eased since May 2021. While the pandemic and Russia’s invasion of Ukraine have stoked inflation around the world, economists believe that inflation in Turkey was additionally fueled by President Recep Tayyip Erdogan’s belief that high borrowing costs lead to higher prices. Turkey’s central bank has slashed interest rates by 5 percentage points since August, down to 9%, despite high inflation that has deepened a cost-of-living crisis in the country.