TÜİK announces September inflation data

September's inflation figures have been released. Inflation rose by 2.97 percent on a monthly basis in September. Annual inflation fell from 51.97 percent to 49.38 percent. Thus, annual inflation has fallen below the policy rate for the first time in 3 years.

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The Turkish Statistical Institute (TÜİK) has announced the inflation figures for September.

Inflation rose by 2.97 percent on a monthly basis in September. Annual inflation fell from 51.97 percent to 49.38 percent.

Thus, annual inflation has fallen below the policy rate for the first time since July 2021.

The Central Bank had kept the policy rate steady at 50 percent in September.

In August, inflation had increased by 2.47 percent on a monthly basis. Annual inflation had fallen from 61.78 percent to 51.97 percent.

ECONOMISTS' EXPECTATIONS

The Consumer Price Index (CPI) was expected to slow down relatively in September, with a monthly increase of 2.2 percent.

Annual inflation was also projected to fall to the 48.3 percent level.

Economists' year-end inflation expectation is shaping up to be around 42-43 percent.

HOW DID THE LEADING INDICATORS COME IN?

Leading indicators from Türk-İş and the ITO pointed to an increase in monthly inflation.

According to Istanbul Chamber of Commerce (ITO) data, inflation in Istanbul showed a 3.9 percent increase on a monthly basis in September. Annual inflation fell to 59.18 percent.

According to the ITO, the highest price increases occurred in education items.