January inflation: as bad as expected

TURKEY - Report 05 Feb 2024 by Murat Ucer

Consumer prices rose by 6.7%, m/m, in January, somewhat higher than the market consensus of 6.5%-6.6%, with the 12-month rate rising slightly to 64.9%, from 64.8% a month ago. Wage hikes, particularly the increase in the minimum wage, as well as the beginning-of-the year price/tax adjustments were among the key drivers of this surge in inflation. Producer price inflation was more subdued at 4.1%, relatively speaking, with the 12-month rate remaining flat at just over 44% (Graph 1; Table 1).

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