Inflation figures announced

Turkey's December inflation figures have been announced. With this, the 2023 inflation rate has also been clarified.

According to the data released by TÜİK, inflation in December was announced as 2.93 percent on a monthly basis and 64.77 percent on an annual basis.

The change in the CPI in December 2023 was 64.77 percent compared to the same month of the previous year and 53.86 percent according to twelve-month averages.

The CPI was expected to rise by 3.19 percent monthly and 65.1 percent on an annual basis.

HIGHEST INCREASE IN 2023 WAS IN RESTAURANTS AND HOTELS

While the main group with the lowest annual increase was housing at 40.39 percent, the highest increase was experienced in restaurants and hotels at 93.24 percent.

In December, the main group with the lowest monthly increase was clothing and footwear at -1.33 percent. The main group with the highest increase was recreation and culture at 5.30 percent.

CORE INFLATION AT 68 PERCENT ANNUALLY

The special-scope CPI indicator (B) was 68.02 percent annually and 2.39 percent monthly. The change in the CPI excluding unprocessed food products, energy, alcoholic beverages, tobacco, and gold was 58.58 percent according to twelve-month averages.

The Central Bank had announced its year-end 2023 inflation forecast as 65 percent.