Turkey Inflation Rate

The annual inflation rate in Turkey fell to 48.58% in October 2024, down from 49.38% in September but above market expectations of 48.20%. Still, this marked the fifth consecutive slowdown in consumer prices growth and the lowest level since July 2023, as inflation eased for most sub-indexes. Prices mainly moderated for housing, water, electricity, gas and other fuels (89.39% vs 97.87% in September), transport (26.14% vs 26.60%), and furnishing, household equipment, routine maintenance of the house (39.22% vs 40.29%). In contrast, inflation went up food and non-alcoholic beverages, reaching 45.28%, up from 43.72% in the previous month. Meanwhile, core inflation fell to 47.75%, the lowest since June 2023, down from 49.10% in September. On a monthly basis, the CPI rose 2.88%, easing from a 2.97% increase in the prior period.

The annual inflation rate in Turkey fell to 49.38% in September 2024 from 51.97% in August, above market expectations of 48.3%. This marked the fourth consecutive slowdown in consumer price growth and the lowest level since July 2023, partly due to base effects and a broad easing of inflation across most sub-indexes. Cost eased for food and non-alcoholic beverages (43.72% vs 44.88%), transportation (26.6% vs 28.96%), housing, water, electricity, gas and other fuels (97.87% vs 101.49%), furnishing, household equipment, routine maintenance of the house (40.29% vs 44.75%), Hotels, cafes and restaurants (65.41% vs 67.7%), Miscellaneous goods and services (46.69% vs 47.66%), alcoholic beverages and tobacco (52.35% vs 60.94%), communication (36.64% vs 42.77%), education (93.59% vs 120.81%), health (50.7% vs 53.49%) and recreation and culture (43.96% vs 47.21%). On a monthly basis, the CPI rose by 2.47%, easing from a 3.23% increase in July.

The annual inflation rate in Turkey fell to 51.97% in August 2024, decelerating from 61.78% in July and below the market forecasts 52.20%. This marked the third consecutive slowdown in consumer price growth and the lowest level since July 2023, partly due to base effects and a broad easing of inflation across most sub-indexes. Food inflation slowed to 44.88%, down from 58.91% in July, while transport costs increased by 28.96%, significantly easing from 46.07% in the prior month. Prices also moderated sharply for clothing and footwear (29.38% vs. 39.57%), furnishings, household equipment, and routine maintenance (44.75% vs. 56.58%), and hotels, cafes, and restaurants (67.70% vs. 76.04%). Meanwhile, inflation mainly accelerated for housing and utilities (101.49% vs. 98.48%). Core inflation fell to 51.56%, the lowest since June 2023, down from 60.23% in the previous period. On a monthly basis, the CPI rose by 2.47%, easing from a 3.23% increase in July.