People shop at a market in Ankara, Türkiye, on Nov. 4, 2024. Türkiye's annual inflation rate eased to 48.58 percent in October, according to data released by the Turkish Statistical Institute on Monday. (Mustafa Kaya/Handout via Xinhua)
ANKARA, Nov. 4 (Xinhua) -- Türkiye's annual inflation rate eased to 48.58 percent in October, according to data released by the Turkish Statistical Institute on Monday.
The consumer price index (CPI) rose by 2.88 percent on a monthly basis.
The latest figure represents a continued decline in annual inflation, maintaining a level below 50 percent for the second consecutive month. October's rate marks the lowest annual inflation recorded since July 2023, indicating a moderate easing of inflationary pressures.
The government's Medium-Term Program forecasts inflation will decrease to 41.5 percent in 2024 and further drop to 17.5 percent by the end of 2025.
Türkiye has been grappling with high inflation amid one of the worst cost-of-living crises in its history. Since June 2023, the country has tightened its monetary policy, increasing its key interest rate from 8.5 percent to 50 percent. ■
People shop at a market in Ankara, Türkiye, on Nov. 4, 2024. Türkiye's annual inflation rate eased to 48.58 percent in October, according to data released by the Turkish Statistical Institute on Monday. (Mustafa Kaya/Handout via Xinhua)
