Annual inflation rate in Türkiye drops to 49.38 percent last month, reaches 14-month low
Date
10/3/2024 7:54:28 AM
(MENAFN) Türkiye's annual inflation rate dropped to 49.38 percent in September, marking the lowest level since July 2023, according to the Turkish Statistical Institute (TurkStat). The housing sector experienced the most significant price increase, soaring by 97.87 percent year-on-year. This was followed closely by education, which rose by 93.59 percent, and the restaurant and hotel sector, with a 65.41 percent increase. In contrast, transport recorded the lowest inflation rate at 26.6 percent, while clothing and footwear and communication rose by 30.7 percent and 36.64 percent, respectively.
On a monthly basis, inflation increased to 2.97 percent in September, up from 2.47 percent in August. Within this timeframe, communication services saw a slight decline of 0.88 percent in prices, while education experienced the highest monthly rise at 14.21 percent. These figures highlight the fluctuations in inflation rates across different sectors, indicating varying impacts on consumers.
Mehmet Simsek, Turkey's treasury and finance minister, noted on X that core goods inflation remained relatively low at 28.3 percent year-on-year. However, he pointed out that persistent backward-looking pricing behavior has slowed the decline in services inflation. He emphasized that the disinflation process, which began in June, is ongoing, and he anticipates a stabilization period starting in the second half of next year, during which the country will achieve a lasting reduction in inflation, targeting single-digit levels.
Simsek expressed confidence that reducing inflation will not only address the rising cost of living for citizens but also enhance their overall welfare in the long run. He reaffirmed the government's commitment to implementing policies aimed at achieving price stability in a coordinated and determined manner.
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