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.