AFP – Turkiye’s annual inflation rate slowed for a 10th straight month in March, falling to 38.1 per cent, the lowest since December 2021, official data showed yesterday.
The decline came as Turkiye was roiled by street protests against the arrest and jailing of Istanbul’s popular mayor Ekrem Imamoglu on graft charges, which sent the Turkish lira to record lows against the dollar.
Turkiye has experienced double-digit inflation since 2019, making life increasingly more expensive for millions of people.
On the month, consumer prices rose by 2.46 per cent in March from February, according to the country’s statistics institute.
The year-on-year price surge particularly affected education (80.4 per cent), housing (68.6 per cent), hotels and restaurants (43.4 per cent), and healthcare (42 per cent), according to the official data.
Turkiye’s annual inflation had exceeded 75 per cent in May 2024, before slowing since June.
The decline has led the Turkish central bank to lower its benchmark interest rate from 50 per cent to 42.5 per cent since December.
Official inflation figures are disputed by independent economists from the Inflation Research Group (ENAG), who estimate that consumer prices rose 75.2 per cent in March.
