Inflation in Turkey continues its decelerating pace and rose below 50% last September, according to the latest data released by the Turkish Statistical Institute (TÜİK), marking the lowest level of CPI increase in Turkey since July 2023.
According to the report published by TÜİK, prices increased by 49.38% in September in Turkey, slightly above the CPI figure of July last year, when it then stood at 47.8%. The main price increases were recorded in housing costs (97.9%), education (93.59%) and hotels and restaurants (65.41%), while the lowest increases were in transport (26.6%) and clothing and footwear (30.7%).
Compared to the previous month, September’s CPI increased by 2.97% compared to August, according to TÜİK, which notes with these figures the effects of the high interest rate policy (currently at 50%) maintained by the Turkish Central Bank (TCMB), although analysts believe that the TCMB could start cutting rates in November or December.
While the September inflation figure is positive and confirms the trend towards disinflation that has continued in recent months, the CPI figure released today by TÜİK is higher than economists’ forecasts, which had anticipated a drop in inflation in September to just above 48%. By the end of this year, the Turkish Central Bank’s forecast is for inflation to fall to 38%.
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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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