Turkey’s Inflation Drops For Third Straight Month

Turkey’s inflation eased further in January, official data showed on Friday.

The Turkish Statistical Institute (TurkStat) data showed that the annual inflation rate dropped to 57.7% in January compared to 64.3% in December.

It marks a third straight month of decrease and is down from the peak of 85.5% registered last October, a 24-year high.

On the inflation, Capital Economics said in a report that; “The rate will drop further this quarter, perhaps below 45% year-over-year in March

“This is as the surge in prices following the 2021 currency crisis falls out of the annual price comparison.”

Inflation in Europe also dipped in January, as the consumer price index for the 20 countries that use the euro currency reached 8.5%, European Union statistics agency Eurostat said on Wednesday.

That's down from the annual rate of 9.2% in December. Inflation in Europe has now slowed for the third month in a row, falling from a record high of 10.6% in October.