Annual inflation at 12.15 pct percent in January

ISTANBUL-Anadolu Agency

Turkey's annual inflation rate was recorded at 12.15 percent in January, increasing from 11.84 percent in December 2019, Turkey's statistical authority said on Feb. 3.

The annual inflation rose 0.31 percentage points month-on-month in January, according to the Turkish Statistical Institute (TÜİK).

The institute recalled that the annual inflation was 20.35 percent in January 2019.

A group of 11 economists surveyed by Anadolu Agency on Friday forecasted that the annual inflation to hit 11.92 percent and monthly inflation to reach 1.14 percent in January.

On a monthly basis, consumer price index saw an increase of 1.35 percent last month.

The annual inflation rate, which saw over 25 percent level in 2018, droppedNgradually throughout 2019, from 20.35 percent in January to 8.55 percent in October. It closed the year with 11.84 percent in December.

Turkey's inflation rate is expected to hit 8.5 percent this year, as laid out in the new economic program for 2020-2022 announced by the government last September.

The year-end inflation forecast of Turkish Central Bank was also 8.2 percent for 2020.

Over the last decade, annual inflation saw its lowest level at 3.99 percent in March 2011.