Turkey's Inflation Hits 44.38% in December, 58.51% Annual Average

Turkey's inflation rate for December 2024 was reported at 44.38 percent year-on-year, according to national statistics from the TurkStat agency. In comparison to the previous month, consumer prices rose by 1.03 percent.

For the entirety of 2024, Turkey's inflation averaged 58.51 percent. This marked a significant increase in the country's cost of living compared to the previous year.

Among the various sectors, transportation experienced the smallest price hike, with an inflation rate of 25.88 percent compared to December 2023. On the other hand, education services saw the sharpest price increase, soaring by 91.64 percent year-on-year.

When looking at month-to-month price changes for December, clothing and footwear recorded the largest decline, with prices falling by 0.67 percent. Meanwhile, household goods saw the most significant rise, with prices jumping by 2.78 percent in the same period.