site.btaTurkiye's Annual Inflation Drops to 49.38% in September, Lowest in 14 Months

Turkiye's annual inflation rate fell to 49.38% in September after reaching 52% in August, according to data released by the Turkish Statistical Institute on Thursday.

Although the consumer price index rose by 2.97% in September on a monthly basis, annual inflation registered a decline to 49.38%, meaning that annual inflation fell below 50% for the first time in 14 months, CNN Turk reported.

The largest price increase in September on a year-on-year basis was recorded in housing at 97.87%, followed by education at 93.59%, hospitality at 65.41%.

Turkey's central bank began raising its benchmark interest rate in 2023 to stem price growth. The rate of price growth slowed to 38.2% in June 2023 before rising again. Inflation reached 75% in May this year but started to decline in June.