<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>

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土耳其指數 MSCI ETF - iShares

土耳其中央銀行已將基準利率從 38.0% 下調至 37.0%，這標誌着在食品通脹上升的背景下，降息步伐放緩。這是連續第五次降息，但經濟學家原本預期降息幅度會更大，降至 36.5%。儘管 12 月份通脹率達到了 30.9%，但銀行指出，食品價格正在推動每月消費者通脹上升。分析師表示，去通脹進程可能正在停滯，但預計通脹在全年內將繼續下降，如果條件改善，貨幣政策可能會重新放鬆

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

- 土耳其央行連續第五次下調借貸成本，但速度減緩。  
- 基準利率從 38.0% 降至 37.0%，為 2023 年 11 月以來最低。  
- 食品價格推動通脹在 2026 年 1 月有所反彈，影響貨幣政策放鬆速度。

土耳其央行在食品通脹上升時放緩了降息的步伐——更新