Turkey’s inflation falls to 20%. Analysts struggle to gauge economic turmoil.
Turkey’s annual consumer price inflation rate stayed on the decline in December, falling to 20.3% y/y from 21.61% y/y in November, the Turkish Statistical Institute (TUIK) announced on January 3.
The further reduction in inflation was anticipated given the impact of tax cuts on consumer goods, voluntary private sector discounts “encouraged” by the government targeting certain items in TUIK’s inflation basket, the partial recovery of the Turkish lira (TRY) and falling oil prices. A Reuters poll had predicted the annual headline figure for the last month of the year would be 20.52%.
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