Turkey Inflation December 2021

Turkey

Turkey: Inflation hits near two-decade high in December

January 3, 2022

Consumer prices jumped 13.58% from the previous month in December, jumping from the 3.51% increase logged in November. December’s print marked the highest level since current records began in 2003 and came on the back of a steep increase in transportation, furnishing and household equipment, and food and non-alcoholic beverages prices.

Inflation increased to 36.1% in December, following November’s 21.3%. Inflation has been propelled by the renewed volatility in the lira amid the President’s continued pursue of lowering interest rates, and December's result was the highest print since September 2002. Annual average inflation rose to 19.6% in December (November: 17.7%). Lastly, core inflation rose to 31.9% in December, from the previous month's 17.6%.

FocusEconomics Consensus Forecast panelists expect inflation to average 15.8% in 2022 and 12.3% in 2023.


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