By Xavier Fontdegloria


Turkey inflation declined in January for a third month in a row to its lowest level in 11 months, data from the country's statistics office Turkstat showed Friday.

Consumer prices rose 57.7% in January from with the same month a year earlier, easing from December's 64.3% increase. The reading is the lowest since February 2022, but came in higher than the 53.4% consensus from economists provided by FactSet.

Turkish inflation reached a 25-year high of 85.5% in October. Easing energy prices, the recent stability of the lira and the statistical effect high prices the same month a year earlier prompted the decline in annual inflation in recent months.

Still, consumer prices rose 6.7% in January on a monthly basis, accelerating sharply from a 1.2% increase in December, signaling price pressures persisted.

Turkey's central bank on Jan. 19 left its policy rate unchanged at 9%, noting that inflation trends have improved. Political pressure, easing inflation and slowing economic growth could prompt the bank to ease policy further in the coming months, economists say.


Write to Xavier Fontdegloria at


(END) Dow Jones Newswires

February 03, 2023 02:28 ET (07:28 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.