Breaking News Turkey with agencies
Turkey’s inflation recorded a sharp drop in December last year, slowing to 64.27%.
Consumer prices for the year 2022 eased more than expected from 84.39% in November, according to the Turkish Statistical Institute (TurkStat).
TurkStat described the historic development as “the lowest since April” when it was 69.97%.
Monthly inflation was at 1.18% in December, down from 2.88% in November.
The greatest annual price increase was in housing with 79.83%, followed by food and non-alcoholic beverages with 77.87% and home furniture with 73.02%.
Turkey has entered a “significant” downward trend regarding inflation since November, said Treasury and Finance Minister Nureddin Nebati.
“We closed the year 2022 at a point below our Medium Term Program target,” said Nebati.
The country’s central bank downed interest rates to 9% by 5 percentage points last year.