Monthly, consumer prices rose by 3.4%, the lowest in five months, down from the 4.8% jump in the previous month. Conversely, inflation accelerated for transportation (72% vs 50.3%), health (81.3% vs 70.3%) and education (80.8% vs 48%). Food inflation reached a three-month low of 72% from 75.2% in the previous period, along with a significant reduction in housing costs (26% vs 42.3%). The annual inflation rate in Turkey slowed slightly for the first time in 4 months to 61.4% in October 2023, from 61.5% in the previous month, and below market forecasts of 62.1%, due to the diminishing impact of the lira's significant depreciation over the summer and the tax increases following the election.
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