Inflation in Turkey eased in October, falling to 32.9% year-on-year from 33.3% in September, reaching its lowest level since November 2021, according to official data released on Monday.
After peaking above 75% in May 2024, Turkey’s annual inflation has been steadily declining © Mena Today
Inflation in Turkey eased in October, falling to 32.9% year-on-year from 33.3% in September, reaching its lowest level since November 2021, according to official data released on Monday.
On a monthly basis, inflation stood at 2.6%, after a brief uptick in September that interrupted fifteen consecutive months of decline.
Despite the overall slowdown, sharp price increases persist in several key sectors. Education costs surged by 65.7% year-on-year, while housing prices rose by 51% and food prices by 34.9%. On a monthly basis, food (+8.4%), housing (+7.8%), and transportation (+4.3%) recorded the highest increases.
After peaking above 75% in May 2024, Turkey’s annual inflation has been steadily declining. However, the official figures remain disputed by independent economists from the Inflation Research Group (ENAG), who estimate the actual annual inflation rate at around 60%.
The divergence in assessments reflects ongoing concerns about transparency and the accuracy of official economic indicators in Turkey, as the country continues to grapple with economic instability and the impact of monetary policy adjustments.
By Enok Distirb
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