Turkey’s inflation rate falls to 39.05% year-on-year

Turkey’s annual inflation rate fell significantly in February, reaching 39.05% year-on-year.

The Turkish Statistical Institute said in a report today that the consumer price index rose by 2.27% month-on-month, while the producer price index increased by 2.12% during the same period.

Despite the monthly rise in prices, the annual inflation rate continued its downward trend compared to January of last year, when it reached 42.12%.

Commenting on the data, Turkish Treasury and Finance Minister Mehmet Simsek pointed out that inflation in basic commodities fell sharply by 32 points compared to the same month last year, settling at 21.7%.

He added that the government expects inflation to continue to gradually decline, supported by strict fiscal policies and measures that enhance price stability and improve economic expectations.

He stressed that the Ministry will continue to implement its policies firmly, to achieve permanent price stability and enhance citizens’ purchasing power, which will contribute to improving income distribution in a sustainable manner.