Inflation in Turkey rebounded last January to almost 65%, according to the latest data released on Monday by the Turkish Statistical Institute (TÜİK), indicating that prices in the Eurasian country rose driven by an increase in the minimum wage and higher prices in the restaurant sector.
In its report released today, TÜİK notes that the Consumer Price Index (CPI) increased by 64.86% in January compared to the same month last year, after rising by 64.77% in December; compared to this month, prices in Turkey rose by 6.7% in January. Hotels, cafes and restaurants recorded the highest cost increase with a year-on-year price increase of 92.27%, while the lowest increase was recorded in the clothing and footwear group, where prices rose by 40.62% compared to the previous year.
Fatih Karahan, the new governor of the Turkish Central Bank following the surprise resignation announced on Friday of the hitherto governor Hafize Gaye Erkan, reaffirmed yesterday his commitment to continue striving to achieve the goal of disinflation and to continue with a restrictive monetary policy to combat the escalation of inflation in Turkey.
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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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