- In January, Turkish inflation recorded its largest monthly jump since August, rising by 6.7% compared to December, while year-on-year inflation reached nearly 65%, according to Turkish Central Bank figures released on Monday. Monday.
- The Consumer Price Index (CPI) for the country of 85 million people rose 64.86% annually, up slightly from 64.77% in December. The sectors that witnessed the largest monthly increase in prices were health by 17.7%, hotels, cafes and restaurants by 12%, and miscellaneous goods and services by a little more than 10%. The clothing and footwear sector was the only sector that showed a monthly price decrease of -1.61%.
- Food, beverage and tobacco prices, as well as transportation, have risen approximately 5% to 7% month-on-month, while housing has risen 7.4% since December.
Turkish President Recep Erdogan addresses journalists during the final national press conference during the high-level NATO summit at the Litexpo Conference Center in Vilnius, Lithuania on July 12, 2023.
Dominica Zarzycka | norphoto | Getty Images
In January, Turkish inflation recorded its largest monthly jump since August, rising by 6.7% compared to December, while year-on-year inflation reached nearly 65%, according to Turkish Central Bank figures released on Monday. Monday.
The Consumer Price Index (CPI) for the country of 85 million people rose 64.86% annually, up slightly from 64.77% in December. The sectors that witnessed the largest monthly increase in prices were health by 17.7%, hotels, cafes and restaurants by 12%, and miscellaneous goods and services by a little more than 10%. The clothing and footwear sector was the only sector that showed a monthly price decrease of -1.61%.
Food, beverage and tobacco prices, as well as transportation, have risen approximately 5% to 7% month-on-month, while housing has risen 7.4% since December.
Turkey's central bank has been on a long-running mission to lower inflation, implementing eight consecutive interest rate hikes since May 2023, totaling 3,650 basis points. The bank's latest hike, on January 25, raised its key interest rate by 250 basis points to 45%.
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