Annual inflation rate hits 10.56% in November

Turkey saw a 10.56% annual hike in consumer prices in November, the Turkish Statistical Institute (TÜİK) said.

Last month, the annual inflation rose 2.01 percentage points from 8.55% in October.

The highest price increase on a yearly basis was recorded in alcoholic beverages and tobacco with 43.35% in November, according to the statistical authority.

It was followed by education (14.35%), miscellaneous goods and services (14.03%), health (13.85%) and hotels, cafes and restaurants (13.07%).

On a monthly basis, consumer price index rose 0.38% in November.

Clothing and footwear posted the highest monthly price increase with 2.69% while the highest monthly fall was seen in miscellaneous goods and services with 0.44%.

TÜİK data also showed that the 12-month average hike in consumer prices was 15.87% as of last month.

Turkey's inflation rate is expected to hit 12% this year, as laid out in the new economic program for 2020-2022 announced by the government this September.