Turkey’s annual inflation is near 58%, exceeding expectations

Official data showed on Friday that Turkey’s annual inflation fell to 57.68 percent in January, but much higher than expectations.

The Turkish Statistical Institute said consumer prices rose 6.65 percent month-on-month, nearly double the 3.8 percent forecast in a Reuters poll.

On an annual basis, the survey expected consumer price inflation to be 53.5 percent.

The sharp monthly rise was attributed to a series of price increases in the new year, including for public transportation and tobacco products, as well as higher food prices.

Turkish Finance Minister Nurettin Vegetarian said on Friday that the country is coming to better days after going through a difficult period of inflation.