Stabilization of the economy in Turkey, inflation falls - Turkish lira, at the lowest levels against the dollar
Annual inflation in Turkey fell to 44.38% in December, while price increases came in the education and housing sectors. The Turkish Lira fluctuated little, remaining close to lows against the US Dollar.
Annual consumer price inflation in Turkey fell more than expected to 44.38% in December, according to official data, with education, housing and restaurant prices leading the rise.
Month-on-month, inflation was 1.03%, the Turkish Statistics Institute said, compared to 2.24% in November. Annual consumer price inflation was 47.09% in November.
Furniture prices rose 2.78% from last month, the data showed, while telecom prices rose 1.82%.
In a Reuters poll, the annual inflation rate was expected to fall to 45.2%, due to easing food price inflation and a limited increase in energy prices. The latest figure was close to the central bank's mid-point forecast of 44% for the end of 2024.
The bank, which has held its interest rate steady at 50% since March, kicked off an easing cycle last week, cutting the key rate by 250 basis points to 47.5%.
The bank stated that it will follow a cautious approach, adapting its policies and addressing any significant and long-term decline.
The Turkish lira was little changed at 35.3850 against the dollar, hovering around all-time lows.
The domestic producer price index rose 0.4% month-on-month in December for an annual increase of 28.52%, the data showed.
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