ANKARA, Oct. 3 (Xinhua) -- Annual inflation in Türkiye slowed to 49.38 percent in September, marking the first time in three years that inflation has fallen below the country's policy interest rate, according to official data released on Thursday.

Monthly inflation for September stood at 2.97 percent, while the producer price index (PPI) also showed signs of deceleration, according to data from the Turkish Statistical Institute.

The annual increase in producer prices dropped to 33.09 percent, with the monthly producer inflation rate recorded at 1.37 percent in September.

In comparison, August saw an annual inflation rate of 51.97 percent, with a monthly rate of 2.47 percent.

The government's Medium-Term Program projects inflation to decline to 41.5 percent in 2024 and further drop to 17.5 percent by the end of 2025.

Türkiye has been struggling with rising inflation and one of the worst cost-of-living crises in its history. Since June 2023, the country has tightened its monetary policy by hiking its key interest rate from 8.5 percent to 50 percent. Enditem

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