Turkish Central Bank identifies rising food prices as main factor driving inflation

Rising food prices, along with increased education and transportation costs at the start of the new school year, were key factors in the accelerated inflation in Türkiye in September, Report informs referring to the Turkish Central Bank's monthly consumer price update.

According to the National Statistical Institute (TUIK), annual inflation in September was 33.29%, up from 32.95% in August; the monthly price increase reached 3.23%.

According to the independent economist group ENAG, annual inflation was 63.23%, up from 65.49% the previous month. Turkish authorities forecast inflation to decline to 28.5% in 2025, 16% in 2026, and 9% in 2027.

It is noted that, in monthly terms, the highest price increases were recorded in the food and services sectors.