ISTANBUL: Turkish annual inflation fell to 57.68% in January, official data showed on Friday, well above forecasts despite a favourable base effect that is expected to carry on until President Tayyip Erdogan faces tight elections in May.

Month-on-month, consumer prices rose 6.65%, the Turkish Statistical Institute said, much higher than a Reuters poll forecast of 3.8%.

Annually, consumer price inflation was forecast to be 53.5%.

Inflation hit a 24-year high of 85.51% in October, stoked by a series of unorthodox interest rate cuts that began in September 2021 and caused a currency crash late that year.

Turkey central bank holds rate at 9% with inflation dipping from 64%

The annual price measure is now easing relative to that run-up.

The domestic producer price index was up 4.15% month-on-month in January for an annual rise of 86.46% .