Turkey's consumer price inflation experienced a further decline in December, reaching its lowest point in a year and a half, as the costs across various categories diminished, according to data released by the Turkish Statistical Institute on Friday.
The consumer price index saw a 44.38 percent increase year-over-year in December, a deceleration from the 47.09 percent increase observed in November. Economists had anticipated a slowdown to 45.20 percent. This marks the weakest inflation since June 2023, when prices rose by 38.21 percent.
Looking at specific categories, annual price growth for food and non-alcoholic beverages decreased to 43.58 percent from 48.57 percent. Likewise, inflation in utilities moderated to 69.03 percent, down from 74.45 percent.
Conversely, prices in the clothing and footwear sector increased at a faster rate, reaching 32.32 percent.
On a month-to-month basis, consumer prices went up by 1.03 percent in December, following a 2.24 percent rise in November. The projected increase was 1.6 percent.
In related news, separate figures from the statistical office indicated that producer price inflation decreased to a 45-month low of 28.52 percent in December, down from 29.47 percent in the previous month. On a monthly basis, producer prices edged up by 0.40 percent compared to a 0.66 percent increase in November.
Among the primary sectors, prices in the mining and quarrying sector increased by 36.17 percent over the previous year, while manufacturing prices rose by 11.21 percent.
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