<div id="readability-page-1"><div> By Ed Frankl <pre></pre> Turkey's central bank reduced borrowing costs for a fifth meeting in a row, albeit at a slower pace amid signs the trend of cooling inflation stalled at the start of 2026. The Central Bank of Turkey cut its benchmark rate to 37.0% from 38.0% on Thursday, its lowest rate since November 2023. However, that marked a slower pace of rate cut, after a 150 basis-point reduction in December. Economists had expected a similar reduction again to 36.5% Turkish inflation reached its lowest level in the last month of 2025 since November 2021, at 30.9%. &#34;The underlying trend of inflation declined in December,&#34; the bank said in its statement accompanying the decision. However, at the same time, food inflation picked up. The bank said leading indicators suggest that monthly consumer inflation &#34;firmed&#34; in January, led by food prices, though the underlying upward trend in inflation is limited. &#34;Indicators for the last quarter point to demand conditions that continue to support the disinflation process, albeit at a moderating pace,&#34; the central bank added. The expected stalling in the disinflation process in January likely played its part in slowing the pace of loosening monetary policy, Capital Economics economist Nicholas Farr said in a note to clients. &#34;Still, we think that inflation should continue to fall this year,&#34; he said. Policymakers could re-accelerate easing once they have confidence that January's inflation stalling is likely to be temporary, he added. <pre></pre> Write to Ed Frankl at edward.frankl@wsj.com <pre></pre> (END) Dow Jones Newswires January 22, 2026 07:10 ET (12:10 GMT)Copyright (c) 2026 Dow Jones &amp; Company, Inc.</div></div>

HTRY

ITKY

土耳其指数 MSCI ETF - iShares

土耳其中央银行已将基准利率从 38.0% 下调至 37.0%，这标志着在食品通胀上升的背景下，降息步伐放缓。这是连续第五次降息，但经济学家原本预期降息幅度会更大，降至 36.5%。尽管 12 月份通胀率达到了 30.9%，但银行指出，食品价格正在推动每月消费者通胀上升。分析师表示，去通胀进程可能正在停滞，但预计通胀在全年内将继续下降，如果条件改善，货币政策可能会重新放松

Turkish Central Bank Slows Pace of Rate Cuts as Food Inflation Picks Up — Update

- 土耳其央行连续第五次下调借贷成本，但速度减缓。  
- 基准利率从 38.0% 降至 37.0%，为 2023 年 11 月以来最低。  
- 食品价格推动通胀在 2026 年 1 月有所反弹，影响货币政策放松速度。

土耳其央行在食品通胀上升时放缓了降息的步伐——更新