Turkish Government Says Rise in Inflation is ‘Temporary’

A souk in Turkey. OZAN KOSE/AFP/Getty Images
A souk in Turkey. OZAN KOSE/AFP/Getty Images
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Turkish Government Says Rise in Inflation is ‘Temporary’

A souk in Turkey. OZAN KOSE/AFP/Getty Images
A souk in Turkey. OZAN KOSE/AFP/Getty Images

The Turkish government described the country’s high inflation rate in November as “temporary,” expecting it to decline starting December.

Turkey's inflation in November hit its highest annual rate in 14 years at nearly 13 percent, according to official data released Monday.

Consumer prices rose 12.98 percent last month from the same period in 2016, the state statistics agency said, the highest annual rate recorded since December 2003.

Inflation had been 11.9 percent in October.

Monthly inflation meanwhile was 1.49 percent in November from October, with transport, clothing and food showing strong rises.

But Turkish Prime Minister Binali Yildirim said the high inflation was “temporary.”

The inflation rate will decline early next year, he added.

Deputy Prime Minister in charge of economy Mehmet Simsek said in a tweet on Monday that the rise in inflation stems from high food prices.

"Starting from December, a lasting period of decrease in inflation will begin," Simsek added.



Gazprom, CNPC Discuss Future Russian Gas Supplies to China

A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
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Gazprom, CNPC Discuss Future Russian Gas Supplies to China

A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo

The heads of Russia's Gazprom and China's energy company CNPC discussed future Russian gas supplies to China during talks in Beijing, Gazprom said on Friday, as Moscow seeks stronger ties with the world's biggest energy consumer.

Russia, the holder of world's largest gas reserves, has diverted oil supplies from Europe to India and China since the start of the conflict in Ukraine in February 2022, Reuters said.

At the same time, Russia's diversification of pipeline natural gas from the European Union has been slow.

It started gas exports to China via the Power of Siberia pipeline in the end of 2019 and plans to reach the pipeline's annual exporting capacity of 38 billion cubic meters this year.

Russia and China have also agreed on exports of 10 bcm of gas from Russia's Pacific island of Sakhalin starting from 2027.

However, years of talks about the Power of Siberia 2 pipeline, which would ship 50 bcm of gas per year to China via Mongolia, have yet to be concluded as the two sides disagree over issues such as the gas price.

Russian President Vladimir Putin is set to travel to China in early September to participate in celebrations marking the anniversary of the victory over Japan in World War II.

The trip follows Chinese President Xi Jinping's visit to Moscow in May.