Turkish inflation eases from 15-year high as lira recovers

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ISTANBUL (AP) - Official figures show that Turkey's inflation rate eased in November in the wake of a firmer currency, which kept a lid on import prices.

The Turkish Statistical Institute said Monday that consumer prices in the year to November were up 21.6 percent, down from October's 15-year high rate of 25.2 percent.

Turkey's national currency hit an all time low this summer over concerns about President Recep Tayyip Erdogan's economic policies and a diplomatic and trade spat with the United States.

Improved relations with the U.S. and a big 6.25 percent interest rate hike have helped shore up the Turkish lira in recent months. Tax cuts and discounted prices have also helped rein in inflation.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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