Turkey's inflation rate fell to 21.62 percent year-on-year in November, compared to 25.24 percent in October, Turkish Statistical Institute (TurkStat) said Monday.

The monthly inflation decreased by 1.44 percent in November.

The consumer price index (CPI) increased by 20.79 percent compared to December of the previous year and 15.63 percent on the 12-month moving averages basis.

On a yearly basis, the biggest price hike was in furnishing and household equipment in November — up at 32.73 percent — and in "miscellaneous goods and services" at 27.87 percent.

According to TurkStat, inflation was 25.66 percent in food and non-alcoholic beverages, 24.76 percent in housing and 21.18 percent in recreation and culture prices.

Following TurkStat's announcement, Treasury and Finance Minister Berat Albayrak said the downward trend in the CPI will continue.

"The figures have demonstrated the success of the full-scale program to fight inflation," the minister said.

In October, Albayrak announced a "full-scale" program to reduce inflation with the expansive support of the public and private sector. The number of corporations and institutions that participated in the program by reducing their prices has exceeded 25,000, the minister said.

Among the measures announced to curb inflation was a campaign of minimum 10 percent nationwide cut on prices. To support businesses and maintain investments, the banks will decrease interest rates by 10 percent on loans issued after Aug. 1.