Turkey’s annual inflation rose again in February, reaching 67.1 percent despite a string of interest rate hikes, Agence France-Presse reported, citing official data on Monday.
The Turkish central bank held its key interest rate at 45 percent last month, pausing after eight straight increases aimed at taming consumer prices that had remained stable at 64.9 percent in January.
On a monthly basis, inflation rose 4.5 percent in February, slower than the 6.7 percent rise logged in January.
However, these official figures are challenged by independent economists from Turkey’s Inflation Research Group (ENAG).
ENAG says annual inflation stood at 121,98 percent while the monthly inflation rate rose by 4.32 percent in February.
ENAGrup Consumer Price Index (E-CPI) increased by 4.32% in February, 2024.
E-CPI increased by 121.98% in the last 12 months
— ENAG (@ENAGRUP) March 4, 2024
Inflation remains a pressing issue for President Recep Tayyip Erdoğan’s government ahead of local elections in March.
His ruling Justice and Development Party (AKP) is trying to win back control of major cities, including İstanbul and the capital Ankara, currently held by the main opposition party.
Erdoğan said Sunday that anti-inflation policies “will begin to be felt in practice towards the end of the year.”