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Inflation in Turkey reached 64.8 percent in December, the highest level in more than a year. The Turkish statistics agency announced this on Wednesday.
After inflation in Turkey exceeded 80 percent in 2022, the increase in consumer prices slowed down significantly in early 2023. Inflation fell below 40 percent at one point, but accelerated again after the summer. In November, annual inflation was 62 percent.
The strongest price increase was in the catering industry. Hotels and restaurants were almost twice as expensive in December (+93 percent) as at the end of 2022. Transport (+77 percent) and food products (+72 percent) also became significantly more expensive.
The Turkish central bank has stepped up the fight against skyrocketing inflation since May. The main interest rate was increased to 42.50 percent in December.
To compensate somewhat for the loss of purchasing power, the minimum wage in Turkey was increased by almost half on January 1, to 17,000 Turkish liras, equivalent to approximately 520 euros. About a third of the working population in Turkey receives the minimum wage.