Turkish inflation may accelerate to 12.7 percent in November – survey

Turkey’s consumer price inflation is expected to accelerate to 12.7 percent in November from 11.9 percent the previous month, according to the average estimate in a survey of economists by the state-run Anadolu news agency.

Prices in the country may rise by 1.1 percent month-on-month in November from October, according to the average forecast of 23 economists, Anadolu said on Tuesday.

Year-end annual consumer price inflation was seen at 12.7 percent.

The Turkish Statistical Institute will publish November inflation figures on Thursday.

Turkey’s government expects inflation to end the year at 10.5 percent, according to an economic programme announced in late September. Turkish Treasury and Finance Minister Berat Albayrak has since been replaced by former deputy prime minister Lütfi Elvan after the lira fell to successive record lows against the dollar.

Retail price increases in Istanbul, Turkey’s largest city, were an annual 14.1 percent last month compared with 12.4 percent in October, the Istanbul Chamber of Commerce (ITO) said on Tuesday, indicating that the national inflation rate may increase more than economists forecast.