Business & Economy

Inflation in Turkey jumps to a significant level

Turkey’s inflation rate jumped to its highest level in 3 years, according to data from the Turkish Statistical Institute.
Data showed that inflation in Turkey rose more than expected to 21.31% on an annual basis in November.
According to the Turkish Statistical Institute, consumer prices rose 3.51% on a monthly basis, compared to previous expectations that indicated a reading of 3% and expectations of an annual reading of 20.7%.
The lira has come under great pressure this year, declining by more than 45%, and since late August only it has fallen from the level of 8.5 pounds to the dollar to more than 13 pounds to the dollar.

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