Turkey’s annual inflation rate surges to 21.31% in November

Turkey’s annual inflation rate jumped over 20 percent in November, official data showed on Friday, after a currency crisis last month when the Turkish lira hit record lows against the dollar. Consumer prices climbed to 21.31 percent from the same period in November last year, up from 19.89 percent in October, according to the Turkish statistics office. This is the highest figure in three years. Persistent inflation has decimated purchasing power. Turkey’s official inflation target is five percent. Ratings agency Fitch on Thursday revised its outlook on Turkey’s sovereign credit rating to negat…

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