Turkey’s inflation rate eases to 8.55 pct in October

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Turkey saw a drop to 8.55 percent in the inflation rate in October year-on-year, official figures showed on Monday, the state-run Anadolu news agency reported.

Inflation rate fell 0.71 percentage points in October, down from 9.26 percent in September, the Turkish Statistical Institute (TurkStat) said.

TurkStat said the highest annual price rise last month was seen in alcoholic beverages and tobacco, at 43.60 percent.

“Health care with 14.24%, education with 14.20%, hotels, cafes and restaurants with 13.71%, and miscellaneous goods and services with 13.43% were the other main groups where high annual increases were realized,” it said.

Turkey’s central bank last week lowered the country’s year-end inflation forecast from 13.9 percent to 12 percent.

Under Turkey’s new economic program announced by the government at the end of September, the country’s inflation target is 12 percent this year, 8.5 percent next year and 6.0 percent in 2021.

Over the last decade, annual inflation saw its lowest level at 3.99 percent in March 2011, while it peaked at 25.24 percent in October 2018.

Turkish Minute

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