Turkey's consumer confidence index fell month-on-month in November, according to a Turkish Statistical Institute report released yesterday. The index slipped from 74.04 points in October to 68.93 points in November, down 5.11 points or 6.9 percent, the report said.
The financial situation expectations of household index was 89.01 compared to 94.09 last month, down 5.4 percent. The probability of saving was down significantly, 12.7 percent from 23.27 in October to 20.33 in November, suggesting that more people feel pessimistic about being able to save money in the coming months.
"It seems that the decline of the Turkish lira's value against the dollar has lowered consumer confidence in the economy," said Enver Erkan of investment firm KapitalFX. "This situation will have a two- or three-month delayed effect on the inflation rate as well. When the effect of the currency depreciation is reflected in consumer prices, it may reduce the consumer confidence index more."
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