Turkish consumer confidence rises to 79.1 points in January

People shop at Eminonu district in Istanbul
People shop at Eminonu district in Istanbul, Turkey, November 4, 2022. REUTERS/Dilara Senkaya

ISTANBUL, Jan 23 (Reuters) - Turkey's consumer confidence index rose 4.6% to 79.1 points in January, official data showed on Monday, increasing again after a month with marked improvements in confidence for households and the economic situation.

The biggest rise in confidence was seen in the current financial situation of households, which rose 7.4% in January from a month earlier to 61.6 points.

The confidence in the general economic situation expectation for the next 12 months rose 7% to 82.7 points, the data showed.

A confidence level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism, according to the data from the Turkish Statistics Institute.

Confidence plunged in 2020 due to fallout from the COVID-19 pandemic before a brief rebound. It took another dive in October of 2021 ahead of a currency crisis that set off an inflationary spiral. The index touched a record low of 63.4 in June before beginning to recover.

Reporting by Gdansk newsroom; Writing by Ali Kucukgocmen

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