Turkey inflation drops from 15-year high

Inflation in Turkey dropped for the first time to nearly 22 percent last month after surging to a 15-year high in October, official statistics showed on Monday.

The increase in consumer prices fell to 21.62 percent in November compared with he same month last year, still very high in relative terms but down from the 25.24 percent rate recorded in October and the first drop since March this year, according to the Turkish statistics office (TUIK).

The figure was also lower than the Bloomberg consensus forecast of 23 percent.

The better figures reflect the likely effects of an aggressive rate hike in September when the central bank raised the one week repo rate 625 basis points to 24 percent.