Turkish consumer price inflation leapt to a higher-than-expected 4.84% month-on-month in January, Turkish Statistical Institute data showed on Tuesday, driven in part by a 6.59% jump in food and non-alcoholic drinks prices.
Annual inflation dipped to 30.65% in January, with price rises driven by the annual hike in the minimum wage and various new year price adjustments.
In a Reuters poll, monthly inflation was forecast to be 4.32% with the annual rate seen at 30.00%.
In December, monthly consumer price inflation edged up to 0.89% while the annual rate slipped to 30.89%.
According to the poll's median estimate, annual inflation is expected to slow to 23% by year-end, remaining above the central bank's forecast of 16%.
In January, the central bank lowered its key interest rate by a less-than-expected 100 basis points to 37%, citing firming inflation, and pricing behavior and expectations that threaten the disinflation process.
After a brief policy reversal early last year due to political turmoil, the central bank's rate-cutting cycle resumed in July with a 300-basis-point move, followed by cuts of 250 points and then 100 in October amid rising food prices, before the last two cuts of 150 in December then 100 points in January.
The data also showed the domestic producer price index rose 2.67% month-on-month in January for an annual increase of 27.17%.
