Annual CPI 47.09 in November, monthly rate 2.24
Central bank had flagged oneoff rise in food
Could reduce prospect of rate cut in December

ANKARA, Dec 3 Reuters Turkish inflation was higher than expected at 47.09 annually and 2.24 on a monthly basis in November, official data showed on Tuesday, potentially reducing the prospect of an interest rate cut later this month.

Prices of food and nonalcoholic drinks jumped 5.1 from the previous month, the Turkish Statistical Institute data showed, underlining the central bank39;s continued struggle against years of high inflation. Healthrelated prices rose 2.69.

In a Reuters poll, the consumer price index inflation rate was expected to slow to 46.6 on an annual basis, while the monthly figure was seen at 1.91, mainly due to food and medicine prices.

Although above expectations, annual inflation in November was at its lowest level since mid2023. In October, annual inflation was 48.58 with the monthly rate at 2.88.

The central bank has hiked rates by 4,150 basis points since June last year as part of an abrupt shift to economic orthodoxy, and has kept its policy rate steady at 50 since March.

It is watching monthly inflation closely as it decides when to cut its main interest rate, with expectations having grown in recent weeks that easing could come as soon as December.

Delaying rate cuts until next year, after critical decisions on the minimum wage and other administered prices would be more appropriate, said Haluk…