Türkiye's annual inflation increased to 31.5% in February, up from 30.7% in January, after several months of decline, according to official figures.

Monthly, consumer prices advanced 2.96%, compared with 4.8% in January, driven by housing and food costs, the data from the Turkish Statistical Institute (TurkStat) revealed, The Caspian Post reports, citing Turkish media.

Food prices rose by 6.8% over the course of the month, and housing expenditure by 2.4%, the figures showed.

Year-over-year, the price surges were particularly marked in education (55.7%), housing (42.3%) and food and non-alcoholic beverages (36.4%).

Annual inflation rose above 75% in May 2024 before beginning to slow amid the tightening efforts of Turkish policymakers.

The central bank in January cut its one-week repo rate by less-than-expected 100 basis points to 37%.