Turkey’s annual inflation rate slowed slightly in January to 30.7 percent from 30.9 percent in December, marking its lowest level in more than four years, official data showed Tuesday.
On a monthly basis, consumer prices rose 4.8 percent, accelerating from 2.1 percent in December, driven mainly by increases in housing and food, the Turkish Statistical Institute (TurkStat) said.
Food prices jumped 7.8 percent month‑on‑month, while housing costs were up 6.7 percent.
Year-on-year, the steepest price increases were recorded in education (64.7 percent), housing (45.4 percent) and food (31.7 percent).
Turkey has recorded annual inflation above 30 percent since December 2021, peaking at more than 75 percent in May 2024 before gradually slowing.
However, the official figures continue to be challenged by independent economists from the Inflation Research Group (ENAG), who estimate consumer price inflation at 53.4 percent over the past 12 months.
Turkey’s central bank cut its key interest rate to 37 percent last month as annual inflation, citing a continued slowing of price increases.
The country has experienced double-digit inflation since 2019, making life increasingly more expensive for millions of people, after President Recep Tayyip Erdoğan ordered interest rate cuts in a bid to spur growth.
But the cuts sent the lira plunging on currency markets, further fueling inflation and leading Erdoğan to reverse his unorthodox policy in 2023.
© Agence France-Presse