The annual inflation rate increased by 14.97% and consumer prices rose by 1.68 % in January, higher than the 1.4% expectation, according to the Turkish Statistical Institute (TurkStat). The annual rate has reached the highest level since August 2019. Annual inflation stood at 14.6% in December last year. Clothing and footwear prices decreased by 4.37% and lowered the headline inflation by 0.26%. Food prices triggered the increase in monthly consumer inflation. A 2.48% price increase in this group raised the headline inflation by 0.64%. Higher sugar prices in February and the ongoing increase in sunflower seed oil prices foreshadow an upward trend in food inflation. The annual increase in the domestic producer price index (PPI) exceeded 26%, despite the relaxation in foreign exchange rates.

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