Türkiye's annual inflation at 32.87% in October, hitting 47-month low

ISTANBUL

Türkiye's annual inflation rate was at 32.87% in October, reaching its lowest level for the last 47 months.

The official figures from the Turkish Statistical Institute (TurkStat) showed on Monday that the inflation rate has been falling continuously for the last 17 months, with the exception of one month.

Meanwhile, market expectations for the month of October were above 33%.

Consumer prices, in the three main expenditure groups with the highest weight, increased by 34.87% for food and non-alcoholic beverages, 27.33% for transportation, and 50.96% for housing annually.

The contributions of these main groups to the annual change were 8.44% for food and non-alcoholic beverages, 4.34% for transportation, and 7.75% for housing.

On a monthly basis, consumer inflation also fell from 3.23% to 2.55%.

One year ago, the annual inflation was at 48.58%, and 61.36% in October 2023.