Annual inflation in Turkey rose to 64.77 percent in December, compared with 61.98 percent in November, the Turkish Statistical Institute said.
“In December, the consumer price index increased by 2.93 percentage points and amounted to 64.7 percent on an annual basis,” the message states.
At the same time, independent inflation analysis group ENAG announced that real annual inflation in Turkey in December was 127.21 percent.
Turkish Finance Minister Mehmet Simsek said that the Government of Turkey has increased the predictability of the economy and will continue to take all necessary steps to achieve its goals when it comes to inflation, Srna news agency writes.
According to the data, the highest price increase in 2023 was in the restaurants and hotels sector with 93.24 percent. This was followed by education with 82.06 percent and health with 79.59 percent. Food inflation was 72.01 percent in 2023.
The Turkish government’s 2023 year-end inflation forecast in the Medium Term Program was 65 percent, while the year-end forecast was increased to this level in the last inflation report of the Turkish Central Bank.
In December, the Turkish Central Bank increased its policy rate by 250 basis points to 42.5 percent to curb the lira’s devaluation and tame the persistently high inflation, Xinhua writes.
