Retail prices in Istanbul, Turkey’s largest city, rose 2.94 percent month-on-month in December, recording an annual increase of 92.97 percent.
The Istanbul Chamber of Commerce said, on Sunday, that wholesale prices in the city, which is home to regarding a fifth of Turkey’s population of 84 million, rose 3.71 percent on a monthly basis in the same period, to record an annual increase of 81.31 percent.
Turkey’s annual inflation slowed to 84.39 percent in November, slightly short of expectations, ending a 17-month period of increases since last year when the central bank began cutting interest rates. Consumer prices rose 2.88 percent month-on-month, the Turkish Statistical Institute said. , compared with expectations in a Archyde.com poll, an increase of three percent.
On a yearly basis, consumer price inflation is expected to be 84.65 percent.
It reached a 24-year high of 85.51 percent in October.
The domestic producer price index rose 0.74 percent month-on-month in November, an annual increase of 136.02 percent.
The Turkish economy had recorded a growth of 3.9 percent on an annual basis, during the third quarter of this year 2022, as internal and external demand was affected by the rise in inflation and the global slowdown, according to official data issued by the Turkish Statistics Authority.
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