The Turkish Statistical Institute (TÜİK) announced Tuesday (December 3) Turkey’s latest inflation figures. Last month saw inflation at 2.24%, while the yearly inflation figure for 2024 now stands at 47.09%. The new minimum wage for 2025 is expected to be announced sometime this month.
The yearly inflation projection of 47.09%.announced this morning represents a slight reduction from the 48.58%.figure announced at the beginning of November. However, this small reduction in expected yearly inflation means that the Turkish. Central Bank’s previous projection of 44%.for the 2024 calendar year is unlikely to hold true. In the beginning of November, the TCMB had already raised this figure from 38%.
The Central Bank of the Republic of Türkiye (TCMB) inflation projections for 2025 and 2026 stand at 21% and 12%, respectively.
Minimum wage hike
Turkey’s Minimum Wage Commission is expected to meet on December 10 in order to determine the new minimum wage for the coming year.
Turkey’s minimum wage currently stands at 17,000 Turkish Liras per month and has been criticized for falling far below the poverty limit amidst soaring costs of living. A minimum wage hike in line with current inflation projections would put the updated figure at.24,823 TL.
Recent estimates from labor unions put Turkey’s current hunger limit around 20,000-22,000 TL per month. Last month, Türk-İş (The Confederation of Turkish Trade Unions).estimated the updated poverty limit to stand at approximately 67.000 TL.
Pensioner checks and public sector payrolls are also expected to see an increase this month,.having previously seen an increase in mid-July. Turkey’s minimum wage did not receive a mid-.year increase in 2024 in a departure from previous years. Minister of Finance Mehmet Şimşek.explained this choice made as part of the fight against inflation.
Written/translated for Medyascope by Leo Kendrick
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