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Financial News: Turkey Inflation Climbs To 14-Month High

Turkey Inflation Climbs To 14-Month High

02/05/2024 - 05:21:00 (RTTNews)

(RTTNews) - Turkey's consumer price inflation increased for the third straight month in January to the highest level in more than a year, figures from the Turkish Statistical Institute showed on Monday.

The consumer price index rose 64.86 percent year-over-year in January, slightly faster than the 64.77 percent increase in December.

Further, the latest inflation was the highest since November 2022, when prices had risen by 84.39 percent.

Among categories, there was a 92.27 percent jump in expenses for hotels, cafes, and restaurants, and transportation charges grew sharply by 77.54 percent.

Prices for food and non-alcoholic beverages alone surged 69.71 percent, and health costs rose 78.57 percent from last year.

On a monthly basis, consumer prices increased 6.70 percent in January, after a 2.93 percent gain in December. Moreover, this was the strongest monthly increase in five months.

Separate data from the statistical office showed that producer price inflation was 44.20 percent in January, almost in line with the 44.22 percent rise in the prior month. Monthly, producer prices moved up 4.14 percent.

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