Türkiye’s annual inflation fell to 57.68%

Annual inflation in Türkiye’s decreased from 64.27% to 57.68% in January, Turanews.kz reports citing Kazakinform.

The Independent Inflation Analysis Group (ENAG) reported that this indicator increased by 9.26 percentage points compared to last year’s inflation and amounted to 121.62%.

Since December 2020, the Turkish authorities have been implementing a new economic policy that prioritizes the strengthening of the Turkish lira. Nevertheless, the exchange rate of the national currency against the dollar fell sharply last year, and in the following months went through a noticeable decline.

Earlier, the Central Bank of Türkiye predicted that inflation in the country would decrease by the end of 2023. The forecast remained unchanged at 22.3%, and the inflation rate estimate for the end of 2024 was 8.8%.

According to the forecasts of the United Nations, inflation will slow down in Türkiye, this year.
The UN report said that the country’s economy will grow rapidly by 3.7% by the end of the year, and inflation will decrease to 42.4%.