Financial News: Turkey Inflation Eases To 30.65%, Lowest In 50

Turkey Inflation Eases To 30.65%, Lowest In 50 Months

(RTTNews) - Turkey's consumer price inflation eased further in January to the lowest level in more than four years, figures from the Turkish Statistical Institute showed on Tuesday.

Consumer price inflation slowed slightly to 30.65 percent in January from 30.89 percent in December.

This was the lowest rate since November 2021, when prices had risen 21.31 percent. The rate was forecast to moderate to 30.0 percent.

Inflation based on housing and utilities moderated to 45.36 percent from 49.45 percent. The annual price growth in furnishings and household equipment softened to 23.13 percent from 24.97 percent. Meanwhile, inflation based on food and non-alcoholic beverages accelerated to 31.69 percent from 28.31 percent.

On a monthly basis, consumer prices rose 0.89 percent in January, following a 0.87 percent increase in the previous month.

Another report from the statistical office showed that producer price inflation rose to a 13-month high of 27.67 percent in January from 26.72 percent a month ago.

Prices of mining and quarrying climbed 32.97 percent, and manufacturing reported a 27.10 percent rise. Producer prices of electricity, gas, steam, and air conditioning grew 25.94 percent and surged 37.21 percent for water supply.

Monthly, producer prices increased 2.67 percent in January, following a 0.75 percent rise in December.

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