Inflation in Turkey moderated again in October and fell below 33%, according to official data released on Monday by the Turkish Statistical Institute (TÜİK), putting the CPI at its lowest level in almost 4 years and confirming a continuous fall in inflation for 17 consecutive months, with the exception of September.
The report released by the Turkish Statistical Institute (TÜİK) on 3 November states that the consumer price index (CPI) rose by 32.87% year-on-year, while the monthly rise was 2.55%. Both figures were below market forecasts – which expected a rise of over 33% – reinforcing the disinflationary path and fuelling expectations that the Turkish Central Bank will continue to cut interest rates.
Within the main expenditure categories, prices rose year-on-year by 34.87% in food and non-alcoholic beverages, 27.33% in transport and 50.96% in housing. In monthly terms the increase in the CPI was 2.55%: the largest increases were again in food with a rise of 8.4%, housing (7.8%) and transport (4.3%). However, education led the year-on-year rise in prices, with an increase of almost 65.7%, according to TÜİK.
The annual rate of inflation had picked up slightly in September after more than a year of steady declines; Turkey’s CPI rose to over 75% in May 2024, but has since fallen back to reach now its lowest point since November 2021.
Speaking to CNN Türk, Turkish Vice President Cevdet Yılmaz stressed that controlling inflation remains the government’s top priority and that the goal is to bring inflation in Turkey below 20% next year, and to reach single-digit levels by 2027: “We have made inflation our first priority. All our programmes and policies are focused on reducing it,” he said.
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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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