TurkStat announced the inflation figures for December. Annual CPI for December 2023 was announced as 64.77 percent year-on-year. The data was just below the Central Bank’s forecast of 65 percent. However, Turkey ended the year with the highest inflation of the last 22 years.
According to TurkStat data, consumer prices increased by 2.93 percent month-on-month in December, while annual inflation was realized as 64.77 percent. The weighted expectation in the market was that CPI would increase by 3 percent monthly and annual CPI would rise to 65 percent.
In the 4th Inflation Report of the year, the Central Bank announced its year-end inflation forecast for 2023 as 65 percent.
Unofficial inflation data provided by Turkey’s independent Inflation Research Group (ENAG) on the other hand, reached 127.21 as of December. The monthly consumer price index rose by 4.12 according to ENAG.
Producer prices, on the other hand, rose by 1.14 percent month-on-month, while annual PPI inflation was 44.22 percent.
Core inflation rose to 70.64 percent from 68.89 percent.
The main group with the highest increase in December compared to the same month of the previous year was restaurants and hotels with 93.24 percent.