According to the Statistical Institute of Turkey (Turkstat), consumer prices in December 2021 increased by 36.08% compared to the same month of the previous year – the fastest pace since September 2002, amid the collapse of the lira. Inflation accelerated in comparison with November 2020 (21.31%) and exceeded the consensus forecast of experts at 30.6%. On a monthly basis, consumer prices in Turkey rose by 13.58% in December. In November 2021, the increase was 3.51%. Food and non-alcoholic beverages in December rose by 43.8% year-on-year, utilities – by 28.5%, clothing and footwear – by 20.1%. Recall that the Turkish Central Bank lowered the base interest rate in December for the fourth time in the last four months under pressure from President Recep Tayyip Erdogan, despite a significant increase in inflation in the country. After that, the rating agencies S&P Global Ratings and Fitch changed the outlook for Turkey's ratings to «negative», noting the weakening of the lira and increased inflation.
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