Turkey annual inflation well above forecast near 58pc
Last updated on: 03 February,2023 12:26 pm
Turkey annual inflation well above forecast near 58pc
ISTANBUL (REUTERS) - Turkish annual inflation fell to 57.68% in January, official data showed on Friday, well above forecasts despite a favourable base effect that is expected to carry on until President Tayyip Erdogan faces tight elections in May.
Month-on-month, consumer prices rose 6.65%, the Turkish Statistical Institute said, much higher than a Reuters poll forecast of 3.8%. Annually, consumer price inflation was forecast to be 53.5%.
Inflation hit a 24-year high of 85.51% in October, stoked by a series of unorthodox interest rate cuts that began in September 2021 and caused a currency crash late that year.
Turkey central bank holds rate at 9% with inflation dipping from 64% The annual price measure is now easing relative to that run-up.
The domestic producer price index was up 4.15% month-on-month in January for an annual rise of 86.46% .