Annual Turkish inflation surges to 21.31 per cent in November

ANKARA, Dec 3 (AFP): Turkey's annual inflation rate jumped over 20 percent in November, official data showed 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 negative, pointing to "a deterioration in domestic confidence".

The lira lost nearly 30 percent in value in the last month against the dollar, and more than 45 percent since the start of the year.