Türkiye's inflation drops to 64 percent in December due to base effect

Türkiye's annual inflation rate in December was 64.27 percent, down by over 20 percent in a month, according to the official figures released today (January 3).

The monthly inflation rate was 1.18 percent, the 12-month moving average inflation rate was 72.31 percent, showed the Turkish Statistical Institute (TurkStat) figures.

According to the Inflation Research Group (ENAG), an independent group of economists calculating the inflation every month, the inflation rate was 137.55 percent. The ENAG's annual inflation rate for the previous month was 170 percent.

The decline was expected due to the base effect.

The highest annual increase was in the housing group with 79.83 percent, according to the TurkStat figures. Clothing and footwear with 25.87 percent was the main group that saw the lowest annual increase.

On the other hand, housing with 79.83% was the main group where the highest annual increase realized. (VK)