Turkey's annual inflation hit 12.98 percent in November, the highest rate since December 2003, whereas the monthly inflation stood at 1.49 percent, according to the statement of Turkish Statistical Institute (TÜİK) released Monday.
“There was no decrease in the main expenditure groups in November 2017,” TurkStat reported. “The lowest monthly increase was in alcoholic beverages and tobacco with 0.01 percent amongst the main expenditure groups.”
Following the announcement, the U.S. dollar extended its gains against the Turkish lira, reaching as high as 3.9417. Earlier Monday, the U.S. dollar recovered some of Friday's and weekend's losses against the Turkish lira and other currencies after the U.S. Senate approved tax-cut legislation. The lira fell to 3.9390 against the dollar at Monday's opening, compared to 3.9135 on Friday's close.
The economy becomes the secondary agenda to Turkey despite the fact that economy was the primary factor establishing a stronghold for President Erdogan administration. Unless President Erdogan re-establishes the economical recovery actions, dark clouds to turn into storm easily.
