UPDATE 2 - Turkey's annual inflation rate at 14.03% in November

REVISES DECK, UPDATES WITH REMARKS FROM FINANCE MINISTER, OTHER EDITS

By Aysu Bicer

ANKARA (AA) - Turkey posted a 14.03% annual hike in consumer prices in November, the country’s statistical authority said on Thursday.

The annual inflation rate rose 2.14 percentage points in the month, up from 11.89% in October, according to the Turkish Statistical Institute (TurkStat).

Annual inflation in November 2019 was 10.56%.

The highest annual price hikes were seen in miscellaneous goods and services, food and non-alcoholic beverages, and transportation with 29.42%, 21.08%, and 18.67%, respectively.

On the other hand, low annual increases were seen in clothing and footwear, communication, and education with 0.99%, 5.19%, and 7%, respectively.

On the figures, Finance Minister Lutfi Elvan said on Twitter that Turkey will use monetary and fiscal policy tools in coordination to manage inflationary expectations and establish price stability.

November inflation, reflecting rises in food and oil prices and the effects of exchange rate fluctuations, came in above market expectations with 14.03% annually, he said.

"We work hard to minimize the effects of high inflation on the public," he added.

On a monthly basis, the consumer price index saw a 2.30% rise.

The data showed transportation, non-alcoholic beverages, and furnishings and household equipment were the categories that posted high monthly increases with 4.51%, 4.16%, and 1.69%, respectively.

Communication with 0.12% and health with 0.80% were the groups showing the lowest monthly rises.

In November, the only main group showing a decrease was education, with 0.19%.

The official figures indicated there was no monthly change in the alcoholic beverages and tobacco category.

The 12-month average hike in consumer prices as of November was 12.04%.

The government’s year-end inflation target for 2020 is 10.5%.