Turkey’s inflation slows most in December in a boost to Erdogan (Al Monitor. Jan.3,2023)
Turkish consumer prices rose 1.18% month-on-month in December, while annual inflation dropped to 64.27%, down nearly 20 percentage points from the previous month thanks mainly to a favorable base effect, official data showed Tuesday.
The trend is expected to continue in the coming months as the government tries to take the credit for the decline in the lead-up to crucial elections.
The steep slowdown in December — after annual inflation peaked to a 24-year high of 85.5% in October and eased slightly to 84.4% in November — was an expected outcome because of the high base effect from the corresponding month the previous year. Prices had surged by a staggering 13.6% on a monthly basis in December 2021, amid a currency shock triggered by unorthodox rate cuts by the central bank at the behest of President Recep Tayyip Erdogan.