Financial News: Turkey Inflation Eases To 44.38%, Lowest In 18

Turkey Inflation Eases To 44.38%, Lowest In 18 Months

(RTTNews) - Turkey's consumer price inflation eased further in December to the lowest level in one-and-a-half years amid a slowdown in costs for a wide number of categories, figures from the Turkish Statistical Institute showed on Friday.

The consumer price index rose 44.38 percent year-over-year in December, slower than the 47.09 percent surge in November. The inflation rate was expected to slow to 45.20 percent.

Further, this was the weakest inflation since June 2023, when prices had risen 38.21 percent.

Among categories, the annual price growth in food and non-alcoholic beverages eased to 43.58 percent from 48.57 percent. Similarly, inflation based on utilities moderated to 69.03 percent from 74.45 percent.

On the other hand, prices for clothing and footwear rose at an accelerated pace of 32.32 percent.

On a monthly basis, consumer prices increased 1.03 percent in December, after a 2.24 percent gain in November. The expected rise was 1.6 percent.

Separate data from the statistical office showed that producer price inflation also eased to a 45-month low of 28.52 percent in December from 29.47 percent in the prior month. Monthly, producer prices edged up 0.40 percent versus a 0.66 percent increase in November.

Among the main sectors, prices for the mining and quarrying sector grew 36.17 percent from last year, and those for manufacturing rose by 11.21 percent.

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