Inflation in Turkey

Turkey Inflation | Economic News & Forecasts

Turkey - Inflation

Inflation comes in at highest level since our records began

Inflation rose to 80.2% in August, above July’s 79.6%. August's reading marked the highest inflation rate since our current records began. The print was driven by a steep rise in transportation, food and non-alcoholic beverages, and alcoholic beverages and tobacco prices.

Meanwhile, the trend pointed up, with annual average inflation coming in at 54.7% in August (July: 49.6%). Finally, core inflation rose to 66.1% in August, from the previous month's 61.7%.

Consumer prices increased 1.46% from the previous month in August, moderating from July's 2.37% rise. August's result marked the weakest reading since September 2021.

Goldman Sach’s Clemens Grafe added:

“Going forward, we expect inflation to peak at around +90%yoy in the October-November period and only fall to +75%yoy at year-end with the help of base effects. The risk to our forecasts is significantly to the upside considering worsening expectations, rising FX cost, successive wage hikes and a recent pickup in loan growth momentum.”

Goldman Sach’s Clemens Grafe added:

“Going forward, we expect inflation to peak at around +90%yoy in the October-November period and only fall to +75%yoy at year-end with the help of base effects. The risk to our forecasts is significantly to the upside considering worsening expectations, rising FX cost, successive wage hikes and a recent pickup in loan growth momentum.”

FocusEconomics Consensus Forecast panelists expect inflation to average 71.7% in 2022 and 36.9% in 2023.

Turkey - Inflation Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)7.7  7.8  11.1  16.3  15.2  

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Turkey Inflation Chart


Turkey Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Statistical Institute and FocusEconomics calculations.

Turkey Facts

Value Change Date
Bond Yield12.00-0.09 %Dec 31
Exchange Rate5.95-0.85 %Jan 01

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