ANKARA: Turkey’s annual inflation rate fell to 39.05% for the ninth consecutive month, falling below 40% for the first time since June 2023. The Turkish Statistical Institute released the report on Monday.
The decline comes as Turkey’s central bank is set to announce a new interest rate decision on Thursday. The central bank cut interest rates in December and January, aiming to boost economic recovery.
Turkey has been experiencing double-digit inflation since 2019, making life more difficult for the public. Annual inflation reached 75% in May 2024 but has been gradually declining since then.
Contrary to official figures, independent economists from the ENAG Group say the real inflation rate is 79.5 percent, more than double the official figure.
Economists believe that there is growing hope for economic stability in Turkey following President Recep Tayyip Erdogan’s policy changes and that inflation is likely to fall further in the coming months.
