inflation fell to the 31 years’ lowest rates in Turkey

The State Statistics Institute (DIE) announced that in wholesale prices, annual inflation is 10.8% and in consumer prices it is 16.2% by January 2004. The last time that Turkey saw 16% in TUFE was in 1973 and in 1975 TEFE was 10.1% annually. Since then the lowest inflation rates were attained by January 2004. According to experts, if the decline in inflation follows this trend, then TEFE may attain single-digit numbers in February.

However, in monthly terms, wholesale prices increased by 2.6%, which is a high rate, in January when compared to December 2003. This increase happened to be 0.7% in consumer prices.

By January last year annual inflation was 32.6% in wholesale prices and it was 26.4% in consumer prices.