Turkey's CPI moderated to 55.2% in February

MADRID, 3 Mar.

Turkey's CPI moderated to 55.2% in February


Turkey's year-on-year inflation rate stood at 55.18% last February, compared with 57.68% in January, marking the fourth consecutive drop in the price index, according to data published by the Statistical Institute. Turkish (Turkstat).

Thus, the moving average of inflation in the last twelve months stood at 71.83%, compared to 72.45% in January.

In monthly terms, the Turkish CPI rose 3.15%, after rising 6.65% in January. In February 2022 the monthly increase in prices was 4.81%.

The Ottoman statistical agency warned that due to the earthquakes in the country, "field data" could not be collected in the provinces of Gaziantep, Malatya and Hatay, while "barcode scanner data from the place of work" and "price data collected from the internet using web scraping techniques".

In the second month of 2023, the lowest annual increase in prices was 21.69% in clothing and footwear, as well as in communication, with an increase of 36.44%, while education raised prices by 44.15%. prices.

For its part, the greatest interannual increase was that of hotels and restaurants, with 74.34%, while the cost of the health sector increased by 70.08%, and that of food and non-alcoholic beverages by 69 .33%

On February 23, the Central Bank of Turkey decided to lower the reference interest rate by 50 basis points, to 8.50%, in order to support the recovery after the earthquakes in the country.