People shop at a local market in Ankara, Türkiye, Dec. 3, 2024 (Photo: Xinhua)

 

People shop at a local market in Ankara, Türkiye, Dec. 3, 2024. (Photo: Xinhua)

 
Türkiye's annual inflation rate eased to 47.09 percent in November, marking its lowest point since June 2023, according to official data released Tuesday.

The decline represents the sixth consecutive month of easing inflation, down from October's 48.58 percent, the Turkish Statistical Institute reported.

On a monthly basis, the consumer price index (CPI) rose by 2.24 percent, still above expectations, said the institute.

In November, Türkiye's Central Bank raised its year-end inflation forecast for 2024 to 44 percent from the previous forecast of 38.

Türkiye has been grappling with high inflation amid one of the worst cost-of-living crises in its history. Since June 2023, the country has tightened its monetary policy, increasing its key interest rate from 8.5 percent to 50 percent.