Annual inflation in Türkiye falls for 4th consecutive month

ISTANBUL

Türkiye’s annual inflation rate stood at 30.65% in January, down from 30.89% in December, marking the fourth consecutive monthly decline.

Official data from the Turkish Statistical Institute showed on Tuesday that the inflation rate has fallen continuously for the last 20 months, with the exception of one month.

The figure marked the lowest increase in consumer prices in Türkiye since November 2021, when it was 21.31%.

The highest annual price increases in January were seen in education at 64.7%, housing at 45.36%, and hotels, cafes and restaurants at 33.31%.

Clothing and footwear saw the lowest price hikes at 7.07%, followed by communications at 20.09% and health at 21.63%.

On a monthly basis, consumer inflation was at 4.84% in January.

Turkish Treasury and Finance Minister Mehmet Simsek said on the Turkish social media platform Nsosyal that food prices and seasonal factors had impacts on consumer prices in January.

Simsek stated that the government anticipates factors specific to January will have a limited impact on the underlying trend of inflation.

He emphasized that the government will steadfastly continue disinflation policies supported by supply-side measures.