Turkiye inflation for January climbs as housing and utility prices rise

A view of the Central Bank of the Republic of Turkiye (CBRT) building in Ankara, Turkiye on July 27, 2023 [Mustafa Çiftçi – Anadolu Agency]

Turkiye’s inflation figures for January continued to climb as prices for housing and utility services rose further, Reuters reports.

According to the report, the Turkish economy continues struggling with sky-high inflation.

The year-on-year headline inflation rate touched 64.86 per cent in January, up from December’s 64.77 per cent and more than analyst estimates of 64.52 per cent. It was also the highest figure since November 2022, the report says.

The report highlights that month-on-month inflation came in at 6.7 per cent, a large step up from December’s 2.93 per cent, as well as slightly above market consensus of 6.49 per cent.

However, core inflation for the month of January, which excludes volatile food and energy prices, clocked in at 70.48 pr cent, down from 70.64 per cent in December.

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