Turkey: Inflation slows in January from December
Latest reading: Consumer prices were up 30.7% on a year-on-year basis in January, following a 30.9% rise in the previous month. January’s reading was the weakest since November 2021, but was still among the world’s highest figures and was above market expectations.
Relative to the previous month’s figures, there were reduced price pressures for housing and utilities (+45.4% in annual terms vs +49.4% in December) and restaurants and hotels (+33.3% vs +34.1% in December). In contrast, there were higher price pressures for food and non-alcoholic beverages (+31.7% vs +28.3% in December), transport (+29.4% vs +28.6% in December) and clothing and footwear (+7.1% vs +6.5% in December).
Meanwhile, core consumer prices rose 29.8% in annual terms in January, following a 31.1% increase in the previous month.
Finally, consumer prices rose 4.84% in January in month-on-month terms, following a 0.89% rise in the prior month.