Turkey's annual inflation rate fell to 44.38% in December 2024, marking the seventh consecutive month of decline since June, according to data released Friday by TurkStat.
Mehmet Şimşek © TRT
Turkey's annual inflation rate fell to 44.38% in December 2024, marking the seventh consecutive month of decline since June, according to data released Friday by TurkStat.
December’s figure came in below market expectations of 45.21%, down from 47.09% in November, reflecting steady progress in Türkiye’s efforts to control inflation.
On a monthly basis, the Consumer Price Index (CPI) rose by 1.03% in December, the slowest monthly increase since May 2023. This marks a notable slowdown compared to 2.24% in November.
Turkish Treasury and Finance Minister Mehmet Şimşek commented on X: “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.”
Şimşek emphasized the broader progress made throughout the year, noting that inflation in 2024 had decreased by 20 percentage points compared to the end of 2022 and 2023.
The continued reduction in Turkey's inflation rate indicates the success of policy measures aimed at stabilizing the economy. However, challenges remain, as certain sectors, such as education, experience disproportionately high inflation.
This downward trend in inflation provides a positive signal for economic stability and offers optimism for further recovery in 2025. Analysts will be closely monitoring the sustainability of this decline and the impact of upcoming fiscal and monetary policies on overall economic performance.
President Tayyip Erdogan said he believed ties between Turkey and Azerbaijan could overcome all obstacles and he would visit Baku on November 8, after tensions in recent weeks between the historic allies over regional and domestic policies.
Turkish President Tayyip Erdogan said he wanted to speak to his Russian counterpart Vladimir Putin to discuss efforts to end the war in Ukraine, after talks with Ukrainian President Volodymyr Zelenskiy on Saturday.
Saudi Arabia and Syria signed a cooperation agreement between the two countries' defense ministries on Wednesday, Saudi state news agency SPA reported, as Yemen's Iran-aligned Houthi group continues its missile and drone attacks on the kingdom.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.