Economy Turkish consumer confidence rises for fifth month in November 2022 By Reuters November 23, 2022 Reuters/Eric Gaillard The biggest improvement in confidence was seen in the general economic situation expectation over the next 12 months Turkey’s consumer confidence index rose by 0.6 percent to 76.6 points in November, official data showed on Tuesday, continuing a rebound from a record low of 63.4 in June despite a continuing surge in inflation. The biggest improvement in confidence was seen in the general economic situation expectation over the next 12 months, which rose 3.4 percent from a month earlier, to stand at 80.5 points. A confidence level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism, according to the data from the Turkish Statistics Institute. Confidence plunged in 2020 due to fallout from the Covid-19 pandemic before a brief rebound. It took another dive in October of last year ahead of a December currency crisis that set off an inflationary spiral. Recently, Turkish president Tayyip Erdogan said he will hold discussions at the next cabinet meeting on adopting heavier measures for supermarkets and stores that charge excessive prices for goods, broadcaster Haberturk reported. He said previous fines were not sufficient to punish such sellers and authorities are following the issue closely. “Inspections will continue with very different methods because apparently fines are not improving things… The main point is to make them pay a heavier toll,” Erdogan said.
