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Inflation Report - January 2026

ekonomi.isbank Macro Notes Inflation Report Inflation Report - January 2026

CPI rose by 4.84% in January.

CPI inflation in January came in at 4.84%, exceeding market expectations of 4.32%. Despite the higher-than-expected realization, because the 2026 figure was lower than January 2025, the disinflation process continued in this period. Thus, annual CPI inflation declined from 30.89% in December to 30.65%. In the first month of the year, domestic producer prices increased by 2.67% on a monthly basis and 27.17% on an annual basis.

Expectations…

While the disinflation process continued in January, higher-than-expected inflation realization’s impact on inflation expectations will be important. We believe that the upward trend in food prices, which played a major role in inflation surpassing expectations in January, is likely to persist in February, partly due to the influence of Ramadan. On the other hand, we anticipate that the increase in service prices will follow a more moderate pace in February.

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