Inflation in Turkey has decreased slightly more than expected in February, official The data showed on Friday, but prices continue rise on On a monthly basis, paid for higher the prices of Food and services.
annual consumer price CPI decreased to 55.18% last month, said the Turkish Statistical Institute (TurkStat).
compared to 57.7% in January and he down from the peak of 85.5% – 24-year High – registered last October.
Polls had expected the February annual reading to come in in at about 55.5%.
Month-overThe data showed that monthly inflation rose by 3.15%, mainly due to higher food prices and price walking long distances in Education and services.
It is compared to market expectations for 3.4% increase on monthly basis.
The inflation report comes out with a name government Getting ready for the slope up spending on rebuild vast spaces of Turkey in the aftermath of the massive earthquakes that struck on Feb 6.
Catastrophe killed more from 45,000 people And left millions homeless. Trade groups and economists said an earthquake could happen cost Turkey up To $100 billion and haircuts one to two percent points off growth this year.
Government officials and economists have also He said the prices of Goods and services, including food and housing, will fall in The coming months are much shorter than previously expected due to the turmoil caused from earthquakes.
the government He prioritized low interest rates to boost exports, production, investment and innovation new functions as part of a new economic program. He called the Turkish economy model a name program It aims to reduce inflation by chronic flipping of the country current account deficit into surplus.
Last week, Central Turkey bank lowered her policy rate by 50 basis points 8.5% to support growth After the earthquake, she said she would monitor the economic impact of disaster.
Average rating for inflation in year- Finish rate reached 45% in Reuters poll, with upcoming forecasts in between 34% and 51.7%. average in Survey conducted before earthquakes in January hit 41% for the end of 2023.
Before the earthquakes, it was expected that inflation would continue to fall to around 35-40% by June. However, it is now being looked at remain Above 40%, heading into scheduled presidential and parliamentary elections for May 14th.
