ISTANBUL, March 3, 2025 (BSS/AFP) - Turkey's annual inflation rate slowed for a ninth consecutive month in February, falling below 40 percent for the first time since June 2023, official data showed on Monday.

The drop comes as the central bank will make its latest decision on interest rates on Thursday after lowering borrowing costs at its last two meetings.

Consumer prices rose by 39.05 percent last month, down from 42.1 percent in January, according to the country's statistics institute.

Turkey has experienced double-digit inflation since 2019, making life increasingly more expensive for millions of people.

The central bank began to raise interest rates in 2023 after President Recep Tayyip Erdogan dropped his opposition to orthodox monetary policy.

Annual inflation soared to 75 percent in May last year but began to ease the following month.

The central bank lowered its key interest rate in December for the first time in nearly two years. It lowered the rate again in January to 45 percent.

The ENAG group of independent economists disputes the official inflation rate, estimating it at 79.5 percent -- more than double the figure released by the statistics agency.