Turkey Maintains Tight Monetary Policy to Combat Inflation

Turkey's Vice President Yilmaz announced on Saturday that the country will continue its tight monetary policy and maintain fiscal discipline to further reduce inflation. According to Jin10, official data revealed that Turkey's Consumer Price Index (CPI) rose by 4.84% month-on-month in January, surpassing expectations due to New Year price adjustments and increases in food and non-alcoholic beverage prices. The annual inflation rate decreased to 30.65%. Yilmaz stated that the 45 percentage point drop in inflation since May 2024 is insufficient, and the government is working to further lower consumer prices.