FX.co ★ Turkey’s Core Inflation Jumps to 4.6% in January, Sharply Higher From December

Turkey’s core consumer price index excluding energy, food, beverages, tobacco and gold (CPI Ex E,F,B,T&G) accelerated markedly in January 2026, rising 4.6% month-over-month. The latest data, updated on 3 February 2026, show a sharp pick-up in underlying price pressures compared with December 2025, when the indicator had increased by just 0.6% on the month.

The month-over-month reading underscores a significant shift in core inflation dynamics. While December’s print suggested relatively contained core price growth, January’s surge points to a much stronger momentum in non-volatile components of inflation at the start of 2026. The figures compare changes in each month to the immediately preceding month, highlighting how quickly underlying inflation has intensified from one period to the next.

This pronounced move in Turkey’s core CPI is likely to draw attention from financial markets and policymakers, as it signals broader and more persistent inflationary pressure beyond volatile food and energy categories. Investors and analysts will be closely watching upcoming releases to assess whether January’s spike proves temporary or marks the beginning of a more entrenched trend in core price growth.