Annual consumer price inflation in Turkey slowed down significantly in February, according to data from Turkish state statistics agency Turkstat.
Experts estimate that in the last month of winter, inflation in Turkey fell to 39.05% year-on-year, marking the lowest level since June 2023, as highlighted by Turkstat analysts.
Inflation in the country has been slowing for the ninth consecutive month. However, experts believe that the pace of decline will slow down due to base effects.
Analysts had expected a smaller decline, with inflation predicted to drop to 39.9% from 42.12% in January. In December 2024, the inflation rate edged down to 44.4% after falling to 47.1% in November. This is an excellent result, considering that this figure was over 75% in the summer of 2024.
In June 2023, Turkey's newly appointed central bank leadership initiated a tightening cycle to combat soaring prices and the sharp depreciation of the lira. However, the regulator only started to cut interest rates last December, reducing them in two steps from 50% to 45%.
