Inflation in Turkey rose more than expected in February to over 67%, driven by higher costs in hotels, education and food, and leaving the Turkish Central Bank (TCMB) facing a difficult decision on whether to raise interest rates further to control prices.
According to official data released by the Turkish Statistical Institute (TÜİK), the Consumer Price Index (CPI) soared by 67.07% in February compared to the same month last year, while compared to January’s inflation figure prices rose by 4.53% in February. The main rise in prices was recorded in hotels and restaurants (94.5%), followed by the increase in the cost of education (91.8%) and food (71.1%).
Experts also point out that inflation in February was also affected by the increase in the minimum wage decreed by the government at the beginning of the year, which has had a direct impact on the service sector. For now, the Turkish Central Bank maintains its latest forecast that inflation will stand at 36% by the end of 2024.
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Edited and reviewed by:
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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