Turkey’s annual inflation falls to 20.3 percent in December

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Turkey's inflation police visits supermarkets to check the prices regularly. PHOTO: Bloomberg

Turkey’s annual rate of consumer price inflation fell to 20.3 percent last month, according to figures released on Thursday by the Turkish Statistics Institute (TurkStat) — down from 21.62 percent in November, the Financial Times reported.

Turkey has long struggled with high inflation, but the figure had reached a high of 25 percent in October following a currency crisis over the summer that sent the Turkish lira crashing to a series of record lows.

Inflation fell 0.4 percent on a monthly basis in December, according to TurkStat.

“We have achieved almost all our yearend targets,” Treasury and Finance Minister Berat Albayrak said during a recent TV appearance.

Albayrak had declared an “all-out war” against high inflation in November by introducing reduced taxes on some merchandise and asked companies to decrease prices by 10 percent.

Some analysts now anticipate an interest rate cut from the central bank as President Recep Tayyip Erdoğan has repeatedly brought high interest rates into question.

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