Turkey’s inflation slows for first time in over year

Turkish inflation slowed for the first time in over a year and a half, though measures to revive the economy ahead of elections in 2023 may keep it elevated for some time. 

Consumer prices rose an annual 84.4% in November, down from 85.5% the previous month, according to data released on Monday.

The statistical effect of a high base a year earlier and two months of relative stability in the Turkish currency are starting to help contain cost increases, even as inflation remains near the fastest since 1998. On a monthly basis, prices grew 2.9% in November. 

Turkish Treasury and Finance Minister Nureddin Nebati said that he expects the “downward trend in inflation will be sharply felt” in the coming months, largely because of base effects.