Turkey’s annual inflation rate at 14.97% in January

Turkey’s annual inflation rate at 14.97% in January

ANKARA- Anadolu Agency
Turkey’s annual inflation rate at 14.97% in January

Turkey posted a 14.97% annual rise in consumer prices in January, the country’s statistical authority announced on Feb. 3. 

The annual figure was up 0.37 percentage points last month, rising from 14.60% in December 2020, according to the Turkish Statistical Institute (TÜİK).

The inflation rate in January 2020 stood at 12.15%, data showed.

The highest annual price increase last month was recorded in miscellaneous goods and services with 24.53%, TÜİK said.

It was followed by furnishings and household equipment prices, rising 23.25%, and transportation, up 21.43%, during the same period.

Economists polled by Anadolu Agency last Friday projected the inflation rate in January to be 14.75%.

On a monthly basis, the consumer price index climbed 1.68% in January.

The highest monthly decrease was 4.37% in clothing and footwear among the main groups, while medical care services and products posted the highest monthly rise with 4.25%.

Under the new economic program announced by the government last September, Turkey’s inflation rate target for this year is 8%.

The Central Bank’s year-end inflation forecast for 2021 is 9.4%.

The official figures also showed that the 12-month average hike in consumer prices was 12.53% as of this January.

Finance Minister Lutfi Elvan said January inflation figures are far from the country's targets, stressing that the government will never compromise on measures in fighting inflation.

"We will act with consultation mechanisms that include all parties. Sustainable growth is not possible without achieving price stability," Elvan said on Twitter.