Turkey’s annual inflation rate fell less than expected to 48.6 percent in October, official data showed Monday, as officials strive to bring down soaring consumer prices.

Inflation had slowed to 49.4 percent in September, also less than expected.

Turkey’s central bank began to raise interest rates last year to battle soaring prices, after President Recep Tayyip Erdogan dropped his opposition to orthodox monetary policy.

In September, the central bank kept its main interest rate stable at 50 percent for a sixth consecutive month.

“The smaller-than-expected fall in Turkish inflation in October ... is likely to dash any remaining hopes that a monetary easing cycle will start this year,” said Nicholas Farr, emerging Europe economist at Capital Economics research firm.

“The risks now seem skewed towards interest rate cuts arriving even later than our current forecast of Q1 (first quarter) next year,” he added.

Consumer prices rose by 2.9 percent on a monthly basis in October, according to figures from the TUIK statistics office.