ANKARA - Türkiye's annual inflation rate dipped to 44.38% in December, posting the seventh consecutive decline since June 2024, according to official data released Friday.

December's figure is below the market expectation of 45.21%, also down from November's 47.09%, Anadolu Agency reported, citing TurkStat.

The lowest annual inflation was seen in transportation prices at 25.88%, while the highest one was posted by education at 91.64%.

On a monthly basis, the consumer prices index rose at the slowest pace since May 2023 at 1.03% in December, cooling from 2.24% in November.

Turkish Treasury and Finance Minister Mehmet Simsek said on X: “In December, inflation was 1%, the lowest level in the last 19 months. Annual inflation fell to 44.4%, 2.4 percentage points above the Central Bank's forecast range.”

Thus, inflation in 2024 fell by 20 points compared to the end of 2022 and 2023, Simsek said.