FX.co ★ Turkey’s inflation continues galloping

According to the Turkish Statistical Institute (TUIK), by the end of February, inflation in this Asian country had accelerated to 67.07%. The consumer price growth rapidly gained momentum, and it will hardly slacken soon. The local authorities are expected to take some measures.

In February, the greatest increase was recorded in the hotel and restaurant industry (94.78%), as well as in education (91.84%) and health care (81.25%).

At the same time, the smallest price growth was observed in the segment of ready-made clothes and footwear. The cost of these types of products surged by 43.4%, as emphasized in TUIK. In addition, the average change in consumer prices in Turkey over the past year amounted to 55.9%.

According to experts' observations, in the last few months, Turkey’s inflation has shown a considerable rise. According to TUIK, in January 2024, the indicator soared to 64.86%, whereas in December 2023, it did not exceed 64.77%.