Inflation in Turkey dips under 40%, lowest in nearly 2 years

Turkish annual inflation dropped to 39.1% in February, the lowest in almost two years, ahead of an expected interest rate cut by the central bank this week. Energy costs rose by 43.92% year-on-year, while food and non-alcoholic drink prices increased at their slowest rate since Nov. 2021. After reaching its highest inflation ever in October 2022, Turkey has seen some economic progress with the central bank raising interest rates aggressively and the economy growing by 3.2% in 2023.

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