Turkey Inflation Extends Downward Trend in January
03 February 2023 - 06:43PM
Dow Jones News
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
Write to Xavier Fontdegloria at email@example.com
(END) Dow Jones Newswires
February 03, 2023 02:28 ET (07:28 GMT)
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