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Turkey's Inflation Drops to 44.3%, Wages Hiked 30%

1/4/2025

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Summary

Story summary

Turkey's annual inflation rate fell to 44.3% in December, continuing a seven-month decline.
The central bank reduced its key interest rate to 47.5%, down from 50% since March 2023.
Annual inflation was influenced by rising education, housing, and restaurant prices; monthly inflation reached 1.03%, the lowest in 19 months.
The government increased the minimum wage by 30%, not meeting union demands for a 70% hike.

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Story summary

Turkey's annual inflation rate fell to 44.3% in December, continuing a seven-month decline.
The central bank reduced its key interest rate to 47.5%, down from 50% since March 2023.
Annual inflation was influenced by rising education, housing, and restaurant prices; monthly inflation reached 1.03%, the lowest in 19 months.
The government increased the minimum wage by 30%, not meeting union demands for a 70% hike.