Turkish inflation has eased slightly, reaching 32.87 percent in October, its lowest figure in nearly four years, according to official data released on Monday. This development comes after the inflation rate rose for the first time in over a year in September, reaching 33.29 percent. The increase in September was primarily driven by higher food and housing prices.

On a monthly basis, consumer prices increased by 2.55 percent, with significant rises in food, housing, and transport costs. Food prices surged 8.4 percent, while housing and transport costs rose 7.8 percent and 4.3 percent, respectively. The country has been grappling with double-digit inflation since 2019, making life increasingly expensive for millions of people. This trend began after President Recep Tayyip Erdogan implemented interest rate cuts aimed at stimulating economic growth.

The inflation rate had peaked at over 75 percent in May 2024 before starting to decline. The current figure is the lowest since November 2021, indicating a gradual improvement in the country’s economic situation. However, independent economists from the Inflation Research Group ENAG have disputed the official figures, estimating that consumer prices rose by 60 percent year-on-year in October.

The discrepancy in inflation estimates highlights the challenges in accurately measuring the country’s economic performance. Despite this, the official data suggests that Turkey’s inflation rate is trending downward, which could have positive implications for the economy and consumers. As the country continues to navigate its economic challenges, the accuracy of inflation data will remain a critical factor in shaping policy decisions and informing the public about the state of the economy. The latest inflation figures will likely be closely watched by investors, policymakers, and citizens alike, as Turkey strives to achieve economic stability and growth.