Türkiye Sees Inflation Drop to 32.87%, Marking 47-Month Low

Türkiye's annual inflation rate stood at 32.87% in October, marking its lowest level in the past 47 months, according to official data from the Turkish Statistical Institute (TurkStat).

The figures revealed that inflation has been steadily declining for the past 17 months, with just one exception, The Caspian Post reports, citing Anadolu.

Despite this, market expectations for October had anticipated an inflation rate above 33%.

Consumer prices, in the three main expenditure groups with the highest weight, increased by 34.87% for food and non-alcoholic beverages, 27.33% for transportation, and 50.96% for housing annually.

The contributions of these main groups to the annual change were 8.44% for food and non-alcoholic beverages, 4.34% for transportation, and 7.75% for housing.

On a monthly basis, consumer inflation also fell from 3.23% to 2.55%.

One year ago, the annual inflation was at 48.58%, and 61.36% in October 2023.