The annual inflation in Turkey slowed down in January, dropping to 57.68% from 64.27% in December 2022, the Turkish Statistical Institute (TurkStat) said on Friday
MOSCOW (Pakistan Point News / Sputnik - 03rd February, 2023) The annual inflation in Turkey slowed down in January, dropping to 57.68% from 64.27% in December 2022, the Turkish Statistical Institute (TurkStat) said on Friday.
Meanwhile, the ENAG, an independent group of inflation researchers, suggest that Turkey's annual inflation rate, on the contrary, rose to 121.62%, increasing by 9.26% year-on-year � information that totally contradicts the official data provided by the government.
On September 4, 2022, the Turkish government updated its forecast; it now believes that the annual inflation rate will drop to 25% in 2023 before stabilizing at less than 10% until 2025.
The expected annual inflation rate currently stands at 22.3% in 2023, and 8.8% in 2024, according to the Turkish Central Bank's forecast.
Turkey has been facing anemic economic growth since 2021, with consumer inflation skyrocketing and the lira experiencing unprecedented volatility. The government attempted to regulate the crisis by cutting the interest rate, but the situation reached a relative equilibrium only in December 2021 when the Turkish Central Bank fixed the interest rate at 14%, with the lira losing 44% of its value against the US dollar.