Turkish President Recep Erdogan speaks to journalists during the final national press conference during the NATO high-level summit at the Litexpo conference center in Vilnius, Lithuania, July 12, 2023.
Dominika Zarzycka | Photo only | Getty Images
In January, Turkish inflation recorded its biggest monthly increase since August, rising 6.7% from December, while year-on-year inflation reached almost 65%, according to Turkish Central Bank figures released on Monday.
The consumer price index (CPI) for the country of 85 million rose 64.86% annually, up slightly from December’s 64.77%. The sectors with the largest monthly price increases were healthcare at 17.7%, hotels, cafes and restaurants at 12% and miscellaneous goods and services at just over 10%. Apparel and footwear was the only sector to see a monthly price decline at -1.61%.
Food, beverage and tobacco and transportation each rose about 5% to 7% from the previous month, while housing construction increased 7.4% since December.
Turkey’s central bank has long sought to reduce inflation and has carried out eight consecutive rate hikes since May 2023, totaling 3,650 basis points. The bank’s latest hike on Jan. 25 increased the key interest rate by 250 basis points to 45%.
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2024-02-05 08:01:54
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