Türkiye‘s annual inflation rate dipped to 44.38% in December, posting the seventh consecutive decline since June 2024, according to official data released Friday.
December’s figure is below the market expectation of 45.21%, also down from November’s 47.09%, TurkStat reported.
The lowest annual inflation was seen in transportation prices at 25.88%, while the highest one was posted by education at 91.64%.
Food and non-alcoholic beverages price decreased to 43.58% year-on-year in December, versus 48.57% in November.
On a monthly basis, the consumer prices index rose at the slowest pace since May 2023 at 1.03% in December, cooling from 2.24% in November.
Stressing the importance of solving the livelihood problems of the people, Turkish Treasury and Finance Minister Mehmet Simsek said on X: “To this end, we have established the necessary policy framework and continue to implement the disinflation program with determination.”
“In December, inflation was 1%, the lowest level in the last 19 months. Annual inflation fell to 44.4%, 2.4 percentage points above the Central Bank’s forecast range,” he added.
Thus, inflation in 2024 fell by 20 points compared to the end of 2022 and 2023, Simsek said.
He said that the decline in inflation will continue, adding: “We expect inflation to be realized in line with our target in 2025 with the increasing support of fiscal policy, the decline in the rigidity in services inflation and the improvement in expectations.”