Turkey's annual inflation rate jumped over 20% in November, official data showed, after a currency crisis last month when the Turkish lira hit record lows against the dollar.

Consumer prices climbed to 21.3% from the same period in November last year, up from 19.9% 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 5%.

Ratings agency Fitch has revised its outlook on Turkey's sovereign credit rating to negative, pointing to "a deterioration in domestic confidence".

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

The rise comes after a third consecutive interest rate cut in November as the central bank came under pressure from President Recep Tayyip Erdogan, an enemy of high interest rates.

The Turkish leader has repeatedly called for lower interest rates to stimulate growth and production and boost exports.

Going against conventional economic thinking, Erdogan claims high rates cause high inflation and reiterated his opposition this week to any hikes despite market jitters.

He has cast himself in a battle against an "interest rate lobby" seeking high rates, vowing to win the "economic war of independence".

There are expectations the bank will cut the rate again on December 16th.