The Central Bank of the Republic of Türkiye published the summary of its Monetary Policy Committee meeting held on 22 October, noting that annual consumer price inflation fell to 29.73 percent in September. The decline marked a drop of 1.78 percentage points from the prior month.
Inflation details
Consumer prices rose 1.84 percent month-on-month in September, the bank said. Annual core indicators also eased, with the B index down 1.68 percentage points to 29.00 percent and the C index down 1.37 percentage points to 28.70 percent.
Energy prices climbed 6.25 percent on the month, lifting the energy group’s contribution to annual CPI by 0.39 percentage points. Food and non-alcoholic beverages’ contribution to annual inflation fell by 1.40 percentage points, while services contributed 0.70 percentage points less than before. Annual goods inflation stood at approximately 25 percent and services inflation at approximately 38 percent, the bank said, describing services inflation as sticky due to pricing behaviour. Underlying trend inflation slowed to 1.8 percent in the third quarter from 2.2 percent in the second.
Global risks flagged
The committee said energy prices remain high and volatile amid ongoing geopolitical uncertainty, and that agricultural commodity prices face upward risks from adverse weather and geopolitical developments. Market pricing points to expectations of policy rate hikes in advanced economies, it noted, and portfolio outflows from emerging market equities have been observed recently.
The bank’s trade-weighted global growth index is forecast to expand 1.6 percent in 2026 and 2.5 percent in 2027. Growth in the Middle East and Africa is expected to be negative in 2026, with a recovery seen in 2027 as base effects fade. Separately, US annual inflation stood at 3.7 percent in September, near its 31-day high.
Source: Central Bank of the Republic of Türkiye | Data: FRED — St. Louis Fed
