Posted 12/4/2023, 2:49:27 PM
Turkey's Inflation Slightly Slows to 62% as Rate Hikes Bite, But Long Road Ahead to Tame Prices
- Inflation in Turkey was 62% year-on-year in November, slightly lower than October's 61.36% rate
- Interest rates were hiked from 8.5% to 40% to tackle inflation, a U-turn from President Erdogan's earlier policy
- Tighter monetary policy has started to slow consumption and economic growth
- Bringing inflation down will likely take over 2 years according to analysts
- Some blame Erdogan's pressure on the central bank for triggering high inflation in recent years