Türkiye’s annual inflation rate slowed to 38.10% in March, marking its lowest level since December 2022, according to official data released on Thursday.

Headline inflation dropped from 39.05% in February while economists polled by Anadolu had estimated inflation to come in at 38.66%.

Energy prices surged by 41.98% at an annualized pace in March, eased from 43.92% in February.

Food and non-alcoholic beverage prices increased 37.12%, compared to February’s 35.11%.

On a month-on-month basis, the consumer price index rose 2.48% in March, accelerated from a 2.27% hike recorded in the prior month.