Turkiye’s inflation highest since 2002, hits 48.7% in Jan

Turkiye’s annual inflation rate in January reached its highest level since April 2002, according to Turkish Statistical Institute (TurkStat) data, which showed consumer prices surged by 48.7 per cent from the same period in January last year, up from an annual rate of 36.1 per cent in December. Clothing and footwear saw an annual price rise of 25.32 per cent.

Furnishings and household equipment saw a price rise of 54.53 per cent in 2021.

The monthly inflation rate was 11.10 per cent in January. Clothing and footwear posted negative inflation of minus 0.24 per cent in the month, a news agency reported.

Turkiye’s annual inflation rate in January reached its highest level since April 2002, according to Turkish Statistical Institute data, which showed consumer prices surged by 48.7 per cent from the same period in January last year, up from an annual rate of 36.1 per cent in December. Clothing and footwear saw an annual price rise of 25.32 per cent.

The Central Bank of the Republic of Turkey (CBRT) last week hiked its year-end annual inflation forecasts for this year as well as the next, while it stressed supporting the lira is a key objective of its ongoing policy review.

The bank forecast 8.2 per cent inflation for 2023 and a return to its official target of 5 per cent a year later. It has slashed the policy rate to 14% from 19% since September. It kept the benchmark one-week repo rate steady last week.

Fibre2Fashion News Desk (DS)