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Inflation in Turkey rose for the third month in a row in January, to the highest level since November 2022, according to figures from the Turkish Statistics Agency.
Consumer prices were 64.8 percent higher in January than in the same month a year earlier. This meant that inflation was still slightly higher than in December (64.7 percent). Notable price increases occurred in the catering industry, including almost doubling, for transport costs and health costs. Food and non-alcoholic drinks were almost 70 percent more expensive than at the beginning of 2023.
One-month inflation was 6.7 percent in January (compared to December 2023), compared to 2.9 percent in December. That was the strongest increase in five months.
The Turkish central bank has sharply raised interest rates in the country in recent months, to 45 percent, to tackle skyrocketing inflation. That level would be maintained for as long as necessary.
Last week, Turkish Central Bank Governor Hafize Gaye Erkan announced her resignation following reports of a scandal involving her family. Erkan himself denies the accusations and speaks of a witch hunt. She was replaced by Deputy Governor Fatih Karahan, a former Amazon economist.
