Turkey's consumer price inflation increased somewhat in November to the highest level in nearly a year, figures from the Turkish Statistical Institute showed on Monday.
The consumer price index rose to 61.98 percent year-over-year in November, slightly faster than the 61.36 percent increase in October.
The latest inflation was the highest since December last year, when prices had risen by 64.27 percent.
Prices for food and non-alcoholic beverages alone grew by 67.16 percent, but the rate of growth eased from 72.0 percent in October.
Data showed that charges for hotels, cafes, and restaurants surged by 92.86 percent.
Health costs advanced 82.13 percent, and those for transportation showed an increase of 70.04 percent.
Compared to the previous month, consumer prices increased by 3.28 percent in November versus a 3.43 percent gain in October.
"The small rise in Turkish inflation in November adds to evidence that inflation pressures in the economy continue to cool," Liam Peach, an economist at Capital Economics, said.
The economist added that the central bank's monetary tightening cycle is likely to come to an end with one final interest rate hike at the meeting later this month.
"However, bringing inflation down to much lower levels will require monetary policy to remain tight for a prolonged period, and we expect the central bank to leave interest rates unchanged throughout 2024."
Separate data from the statistical office showed that producer price inflation climbed to 42.25 percent in November from a 29-month low of 39.39 percent in October.
Among the main industrial sectors, prices for the mining and quarrying sector rose 65.49 percent, and those for manufacturing jumped 54.11 percent. Meanwhile, prices in the utility sector declined by 30.0 percent.
On a month-on-month basis, producer prices moved up 2.81 percent against a 1.94 percent gain in the prior month.
