Visitors walk at the historical Grand Bazaar in Istanbul on July 9, 2024. (Photo by Yasin AKGUL / AFP)

Istanbul, Turkey — Annual inflation slowed in Turkey in January for the eighth consecutive month, official figures showed Monday.

Consumer prices rose by 42.1 percent year-on-year, compared with 44.3 percent a month earlier, figures from Turkey’s TUIK statistics institute said.

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Turkey has experienced double-digit inflation since 2019, making life increasingly more expensive for millions of people, notably hitting the cost of education, housing, healthcare and restaurants and hotels.

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READ: Turkey’s central bank lowers benchmark interest rate to 45%

The annual rate peaked at 75 percent in May before starting to ease from June.

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On January 23, Turkey’s central bank lowered its key interest rate to 45 percent from 50 percent in December, saying its efforts to tame sky-high inflation were starting to pay off.

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The monthly inflation accelerated to five percent in January, compared to one percent the previous month, TUIK data showed.

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Finance Minister Mehmet Simsek said the increase was due to “seasonal effects” and vowed inflation would keep on falling down, in a message on X.

William Jackson, chief emerging markets economist at London-based Capital Economics, said in a policy note that a jump in monthly inflation was “always likely” given the minimum wage hike hike around the turn of the year.

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The net monthly minimum wage has been raised by 30 percent to 22,104 lira ($600), beginning from January 1.

The official inflation figures are disputed by the ENAG group of independent economists, which publishes its own monthly figures and gave a January year-on-year estimate of 81 percent.

WASHINGTON, United States — US pharmaceutical giant Gilead said Wednesday it had signed licensing deals with six generic drugmakers to produce and sell its HIV prevention medicine in lower-income countries.

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