Türkiye’s inflation eases to 32.87% in October, marking 47-month low

Türkiye’s annual inflation rate eased to 32.87% in October, the lowest figure recorded in 47 months, according to data released by the Turkish Statistical Institute (TurkStat) on Monday. The latest figures highlight the country’s continued progress in stabilizing prices after a period of high inflation.

Steady downward trend in inflation

Official data indicated that inflation has been on a consistent downward path for the past 17 months, interrupted only once during that period. The October reading came slightly below market forecasts, which had predicted an annual rate above 33%, signaling a more controlled inflationary environment than anticipated.

Key spending categories and contributions

Among the major expenditure groups, food and non-alcoholic beverages rose by 34.87% annually, transportation by 27.33%, and housing by 50.96%. These sectors contributed 8.44%, 4.34%, and 7.75% respectively to the overall annual increase in consumer prices, according to TurkStat’s report.

Monthly data and historical comparison

On a monthly basis, consumer inflation moderated as well, falling from 3.23% in September to 2.55% in October. A year earlier, Türkiye’s annual inflation stood at 48.58%, while in October 2023 it had reached 61.36%. The current trend suggests that the government’s monetary measures and policy adjustments continue to influence price stability across key sectors.