The year-on-year rate of inflation in Turkey fell for the ninth consecutive month last February to below 40%, its lowest level in almost two years, according to the latest report released today by the Turkish Statistical Institute (TÜİK), which shows an unexpectedly low increase in prices.
The report, published by TÜİK in the last few hours, indicates that the CPI in February in Turkey reached 39.05% compared to the same month last year, which is the lowest level of inflation since July 2023. On a monthly level, prices increased in February by 2.27% in relation to the previous month, also below analysts’ forecasts. In January, prices had risen by 5.03% month-on-month due to the increase in the minimum wage, among other factors, while the year-on-year rise in the CPI was 42.1%.
By sector, year-on-year inflation in February rose by 35.11% in food and non-alcoholic beverages, after having increased by 41.76% in January, the lowest increase recorded since November 2021. In basic goods, it fell by 32 points to 21.7%, while inflation in services fell by 35 points compared to a year ago to 59.8%.
Inflation has been one of the main concerns of the Turkish economy, especially since it reached 75% in May last year. The Monetary Policy Committee of the Central Bank of Turkey is scheduled to meet this week, and in light of the latest data on price developments in the Eurasian country, it is not ruled out that it will announce further interest rate cuts.
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Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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