Annual inflation rises slightly to 33.29 percent in September
ANKARA
The annual inflation rate in Türkiye was 33.29 percent in September, up from 32.95 percent in August and above the expectation of around 32.5 percent, the Turkish Statistical Institute (TÜİK) announced on Oct. 3
The rise in annual inflation ended a 15-month consecutive fall streak.
Meanwhile, the monthly inflation rate came in at 3.23 percent in September, accelerating from 2.04 percent in August, also exceeding market expectations of 2.6 percent.
“Food prices were the main driver of the sharp rise in monthly inflation in September,” Finance Minister Mehmet Şimşek said on X, commenting on the inflation numbers.
Food inflation, fueled by frost and drought, came in three percentage points above the long‑term September average and added 1.1 points to monthly inflation, he added.
With the start of the school year, the education group and related items contributed around 0.7 points to monthly inflation, according to the minister.
Şimşek, however, noted that the underlying trend of inflation indicates that disinflation will continue.
“As seasonal effects fade and with the supply‑side policies we are implementing, we will ensure the continuation of disinflation, which remains our program’s top priority,” he said.
The highest price hikes were seen in education with 66.1 percent, housing 51.36 percent and food and non-alcoholic beverages 36.06 percent on a yearly basis, showed TÜİK data.
The lowest rates were posted in clothing and footwear with a 9.8 percent increase, communications 23.2 percent and alcoholic beverages and tobacco 24.49 percent.
TÜİK said there were three main expenditure groups with the highest weight: Food and non-alcoholic beverages with a 36.06 percent price hike, transportation 25.3 percent and housing 51.36 percent.
"The contributions of these main groups to the annual change were 8.60 percent for food and non-alcoholic beverages, 4.15 percent for transportation and 7.85 percent for housing," it said.
Last month, education prices soared 17.9 percent month-on-month, food and non-alcoholic beverages advanced 4.62 percent, while transportation costs rose 2.8 percent from August. The monthly increase in housing prices was 2.56 percent.
With inflation disappointing in September, all eyes are now on the Central Bank’s upcoming rate decision later this month. Policymakers will convene on Oct. 23 to review the benchmark interest rate, with the year’s final rate‑setting meeting scheduled for Dec. 11.
At its Sept. 11 meeting, the Monetary Policy Committee reduced the one‑week repo auction rate from 43 percent to 40.5 percent, a larger‑than‑expected move that followed a 300‑basis‑point cut in July.
