Türkiye’s annual consumer inflation climbed below forecasts but still accelerated further in September, official data showed Tuesday.

The yearly consumer price index (CPI) rose 61.53% last month, the Turkish Statistical Institute (TurkStat) said, up from 58.94% in August.

Highest Annual Inflation Since December 2022

It marks the highest annual figure recorded since December 2022, following an easing trend before prices began to surge due to a decline in the Turkish lira and several tax hikes that came amid a shift in the central bank’s monetary policy.

Month-over-month, consumer prices rose 4.75%, the institute said, compared to a 9.09% increase a month earlier.

Forecasts and Predictions

According to an Anadolu Agency (AA) poll of 12 economists, consumer price inflation was forecast to soar overall by 5% on a monthly basis.

In a Reuters poll, annual inflation was predicted in a range between 60-63.7%, with monthly inflation seen between 3.7% and 6.2%.

The inflation reached a 24-year high of 85.5% in October and stood at 47.83% in July after regressing to as low as 38.21% in June.

Central Bank’s Response

The central bank and economists have forecast an upward trend for the rest of the year, while the bank has repeatedly vowed to deliver gradual tightening as needed to establish a disinflation trend in the upcoming year.