Economists Anticipate First 2024 Inflation Figures

Inflation figures have once again become the center of attention as January inflation figures are set to be announced tomorrow at 10 am.

According to the December inflation figures in CPI, the annual rate was at 64.77% and the monthly rate stood at 2.93%. Economists had an average inflation expectation of 6.84% on a monthly basis for January, with annual inflation estimated to rise to 65.07%.

The product that saw the highest price increase in December was vegetables, followed by medicines and lamb. Conversely, passenger transportation by air, intercity passenger transportation by road, and children’s clothing experienced the least increase in prices.

The Central Bank, in the decision text of the last Monetary Policy Board meeting, emphasized that the headline inflation in December increased in line with the outlook presented in the last inflation report. They stated, “The current level of domestic demand, rigidity in service prices, and geopolitical risks keep inflation pressures alive.” The Board also noted that the limited improvement in inflation expectations and pricing behavior continues.

In other news, President Erdoğan made statements regarding the delivery of earthquake houses. The issue of inflation, especially in essential goods, continues to be a concern for the economy.

As the announcement of January’s inflation figures approaches, all eyes are on how inflation will continue to impact the economy in the coming months.

 

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