Istanbul inflation accelerates to 12.1 percent in November

The inflation rate in Istanbul accelerated to 12.1 percent in November from 11.3 percent in October, data published by the Istanbul Chamber of Commerce (ITO) showed.

On a month-on-month basis, prices rose by 0.5 percent, ITO said on its website on Monday.

Turkey’s inflation rate has been falling after a currency crisis last year crimped demand for goods and services, forcing manufacturers to slow price increases. Inflation in Turkey’s largest city has historically proven a gauge for the direction of nationwide inflation, but the two measures have tended to diverge in recent months. 

November wholesale price inflation for Istanbul was an annual 6.81 percent, ITO said, accelerating from 6.77 percent in October. Month-on-month, prices rose by 0.2 percent, it said.

Turkey’s nationwide consumer price inflation slowed to 8.6 percent in October from 9.3 percent in September, the Turkish Statistical Institute reported early last month. Producer price inflation eased to 1.7 percent from 2.5 percent, it said.

The government will announce November inflation figures on Tuesday.