Türkiye’s CPI moderated to 44.38% in December

MADRID Jan. 3 () –

Turkey’s year-on-year inflation rate closed last December at 44.38%, compared to 47.09% in November, meaning it has now been declining for seven months, as reported this Friday by the Turkish Statistical Institute ( Turkstat).

For its part, the monthly inflation data for December reflected an increase in prices of 1.03%, compared to 2.24% in November.

The underlying inflation rate, which excludes unprocessed food, energy, alcoholic beverages, tobacco and gold from its calculation due to the volatility of their prices, closed 2024 at 45.34%, below 47.13 % of the previous month.

The largest annual increases in prices were observed in education, with an increase of 91.64%, and in housing, with a year-on-year increase in costs of 69.03%.

For its part, the most contained increases were recorded in transportation, with 25.88%, clothing and footwear, with 32.32%, and in telecommunications, with 34.08%.

The ongoing disinflation process in Turkey led the Ottoman central bank to reduce the benchmark interest rate to 47.5% from 50% at the end of December, marking the first cut in the price of money in the country since February 2023.