Turkish inflation accelerates to record levels

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Turkish inflation accelerates to record levels

13-02-2024 13:06

Turkish inflation accelerates to record levels

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Turkish inflation accelerates to record levels

According to the Turkish Statistical Institute (TUIK), inflation in Turkey accelerated to 64.86% last month. Nevertheless, analysts are confident that sooner or later the Turkish authorities will curb inflation growth.

In December 2023, consumer prices in Turkey advanced by 2.93% on a monthly basis. In January 2024, the indicator soared to 64.86% year over year.

However, the recent reports seemed to be slightly different from the real state of affairs. Thus, non-official resources unveiled a more radical change. Economists at ENAG estimated that in January, the consumer price index jumped by 9.38%, whereas yearly inflation reached 129.11%.

In general, inflation in Turkey accelerated by 64.77% year-on-year in December 2023. This is much higher than the November figure of 61.98%. At the same time, Turkish citizens estimated annual inflation at 96%. In other words, the data exceeds the official figures by 1.5 times.

Fatih Karahan, a newly appointed governor of the Turkish Central Bank, said that the regulator would continue combating inflation. He also added that he would do his best to prevent the aggravation of inflation forecasts.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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