Turkey annual inflation hits 12.98pc

Istanbul: Turkey’s consumer price index rose by 12.98 per cent in November compared to the same month last year, up from 11.9 per cent the previous month, according to data released by state agency Turkstat on Monday. The figures, which saw a monthly increase of 1.49 per cent, were slightly above expectations by financial institutions. Transportation costs led the annualised inflation increase, up 18.56 per cent. Food and health were also up in double digits. A weak lira has weighed on costs. The inflation rate is expected to decline in 2018. At the same time, growth forecasts have been revised upward for 2017. — dpa