Türkiye’s annual inflation increases to 64.77% in December, lower than estimates

ANKARA

Türkiye’s annual inflation increased to a 13-month high of 64.77% in December 2023, below market forecast, according to data released on Wednesday.

The figure accelerated from 61.98% in November 2023, data by Turkish statistical authority (TurkStat) showed.

An Anadolu survey had estimated the consumer prices would rise 65.19% year-on-year and 3.19% month-on-month.

Among the main groups, hotels, cafes and restaurants continued to see the largest annual price hike with 93.24%, while housing posted the lowest with 40.39%.

The cost of food soared 72.01% at an annualized pace in December, following November’s 67.16% increase.

On a monthly basis, Türkiye’s consumer prices index climbed 2.93%, easing for the fifth consecutive month. The rate of hike was the slowest in seven months.

Türkiye’s Central Bank and the government’s medium-term program forecast year-end inflation for 2023 at 65%.

• consumer prices
• Inflation
• Turkiye