Turkish inflation in November remained virtually the same as the previous month for the first time in a year and a half. Life became 84.4 percent more expensive last month. In October that was still 85.5 percent. This was reported by the Turkish statistics office TUÏK on Monday.
Turkey has been dealing with very high inflation for almost a year. At the start of the year, prices were still about 50 percent higher than a year earlier. That percentage has now been above 80 for several months.
The sky-high inflation is mainly due to the unorthodox interest rate policy of Turkish President Recep Tayyip Erdogan. According to most economic theories, when interest rates fall, inflation rises because people earn less from the money in their bank accounts and spend it more quickly.
Erdogan reverses that reasoning and thinks that lowering interest rates will lead to less inflation. The Turkish central bank recently lowered interest rates even further under pressure.