Official data revealed on Monday that the annual inflation rate in Turkey has decreased to 48.6% in October, which is below expectations, amid efforts by officials to curb rising consumer goods prices.

The inflation rate also fell from 49.4% in September, which was also lower than anticipated.

The Turkish central bank had begun raising interest rates last year as a measure to control the ongoing price increases, after President Recep Tayyip Erdoğan eased his opposition to strict monetary policies.