off-the-wire

Turkey annual inflation well above forecast near 58%

Kitco Media
By Reuters
Published:
Updated:
Reuters
ISTANBUL, Feb 3 (Reuters) - Turkish annual inflation fell to 57.68% in January, official data showed on Friday, well above forecasts despite a favourable base effect that is expected to carry on until President Tayyip Erdogan faces tight elections in May.


Month-on-month, consumer prices rose 6.65%, the Turkish Statistical Institute said, much higher than a Reuters poll forecast of 3.8%. Annually, consumer price inflation was forecast to be 53.5%.


Inflation hit a 24-year high of 85.51% in October, stoked by a series of unorthodox interest rate cuts that began in September 2021 and caused a currency crash late that year. The annual price measure is now easing relative to that run-up.


The domestic producer price index was up 4.15% month-on-month in January for an annual rise of 86.46% . (Reporting by Canan Sevgili and Azra Ceylan; Writing by Daren Butler; Editing by Jonathan Spicer)

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