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
Foreign ministers from several Muslim-majority countries will meet in Istanbul on Monday to discuss the fragile Gaza ceasefire, as Hamas and Israel trade accusations of violations and talks continue on forming a force to monitor the truce.
Iraq signed a deal with Turkey on Sunday under which water infrastructure projects to be carried out by Turkish firms will be financed with revenue from oil sales, a Turkish official said.
Turkish Foreign Minister Hakan Fidan is expected to call at a meeting in Istanbul on Monday for arrangements to be made as soon as possible to ensure the security and administration of Gaza by Palestinians, a foreign ministry source said on Sunday.
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