Türkiye's annual consumer inflation climbed below forecasts but still accelerated further in September, official data showed Tuesday.
The yearly consumer price index (CPI) rose 61.53% last month, the Turkish Statistical Institute (TurkStat) said, up from 58.94% in August.
It marks the highest annual figure recorded since December 2022, following an easing trend before prices began to surge due to a decline in the Turkish lira and several tax hikes that came amid a shift in the central bank’s monetary policy.
Month-over-month, consumer prices rose 4.75%, the institute said, compared to a 9.09% increase a month earlier.
According to an Anadolu Agency (AA) poll of 12 economists, consumer price inflation was forecast to soar overall by 5% on a monthly basis.
In a Reuters poll, annual inflation was predicted in a range between 60-63.7.%, with monthly inflation seen between 3.7% and 6.2%.
The inflation reached a 24-year high of 85.5% in October and stood at 47.83% in July after regressing to as low as 38.21% in June.
The central bank and economists have forecast an upward trend for the rest of the year, while the bank has repeatedly vowed to deliver gradual tightening as needed to establish a disinflation trend in the upcoming year, Daily Sabah reports.
