Turkey’s annual inflation rate at 14.97% in January

Turkey posted a 14.97% annual rise in consumer prices in January, the country’s statistical authority announced on Wednesday.

The annual figure was up 0.37 percentage points last month, rising from 14.60% in December 2020, according to the Turkish Statistical Institute (TurkStat).

The inflation rate in January 2020 stood at 12.15%, data showed.

The highest annual price increase last month was recorded in miscellaneous goods and services with 24.53%, TurkStat said.

It was followed by furnishings and household equipment prices, rising 23.25%, and transportation, up 21.43%, during the same period.

Economists polled by Anadolu Agency last Friday projected the inflation rate in January to be 14.75%.

On a monthly basis, the consumer price index climbed 1.68% in January.

The highest monthly decrease was 4.37% in clothing and footwear among the main groups, while medical care services and products posted the highest monthly rise with 4.25%.

Under the new economic program announced by the government last September, Turkey’s inflation rate target for this year is 8%.

The Central Bank’s year-end inflation forecast for 2021 is 9.4%.

The official figures also showed that the 12-month average hike in consumer prices was 12.53% as of this January.