Consumer inflation in Turkey eased to 30.65% annually in January, marking the lowest rate in 50 months, according to the Turkish Statistical Institute (TurkStat).
The Consumer Price Index (CPI) rose by 4.84% month-on-month in January. Despite the broader slowdown in inflation, food and non-alcoholic beverages recorded the highest monthly increase among major spending groups, with a 6.59% rise.
Transportation costs were up by 5.29%, while housing, including water, electricity, gas and other fuels, increased by 4.43%.
These three categories, which hold the largest weight in the inflation basket, also made the biggest contributions to the overall monthly increase. Food and non-alcoholic beverages added 1.61 percentage points, transportation contributed 0.88 points, and housing accounted for 0.51 points of the total monthly inflation figure.
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On an annual basis, food and non-alcoholic beverages saw a 31.69% increase, followed by housing and utilities at 45.36%, and transportation at 29.39%. Food again led in terms of contribution to the yearly inflation, adding 7.82%age points. Housing contributed 6.74 points, and transportation 4.64 points.
The legally capped rental increase rate for residential and commercial properties in February was set at 33.98%, based on the 12-month rolling inflation rate.
Although TurkStat has not published a detailed list of item prices since April 4, 2022, it reported that out of 174 subcategories covered in the index, 157 saw price increases in January. Only 14 subcategories experienced a decline, while prices in three remained unchanged. (HA/VK)
