Türkiye's annual consumer inflation rate drops to 12-month low

# 06 March 2023 10:37 (UTC +04:00)

Türkiye's annual consumer inflation rate dropped to a 12-month low of 55.18% in February, according to data released by TurkStat on Friday. The figure was lower than January's 57.68% and slightly below market expectations of 55.50%, APA reports citing Menanfm.

However, prices in hotels, cafes, and restaurants saw the biggest annual hike with 74.34%, while clothing and footwear prices increased by the lowest rate of 21.96%.

Meanwhile, on a monthly basis, consumer prices in Türkiye increased by 3.15% in February, a slower pace compared to January's 6.65% surge. The highest monthly increase was in the cost of food and non-alcoholic beverages at 7.36%, while clothing and footwear prices declined by 1.76%.

TurkStat noted that due to the earthquakes that hit southern Türkiye on February 6, "field prices" were not collected in the provinces where the Gaziantep, Malatya, and Hatay Regional Directorates of TurkStat are located. However, the use of "workplace barcode scanner data" and "price data compiled from the internet via web scraping techniques" continued in these provinces.

The decline in Türkiye's annual inflation rate in February could be attributed to the government's measures to curb inflation, including increasing interest rates and tightening liquidity. The government has also announced several economic reforms aimed at stabilizing the economy and reducing inflation. This drop in inflation could bring relief to Turkish citizens who have been struggling with high prices and a weakened currency.