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Turkey Inflation April 2023

Turkey: Inflation declines to lowest level since December 2021 in April

Inflation came in at 43.7% in April, down from March’s 50.5%. April’s reading represented the weakest inflation rate since December 2021. Looking at the details of the release, prices for food and non-alcoholic beverages, housing and utilities, and transport increased at a slower rate in April.

Annual average inflation fell to 67.2% in April (March: 70.2%). Meanwhile, core inflation fell to 45.5% in April, from March’s 47.4%.

Finally, consumer prices rose 2.39% in April over the previous month, accelerating from March’s 2.29% increase.

Muhammet Mercan, chief economist at ING, commented on the outlook:

“Overall, the drop in annual inflation continued in April as widely expected, due to strong base effects. Despite the likelihood of another fall in the near term, inflation could rise again in the second half of this year given the uncertainty surrounding the current outlook and potential adjustment in wages and administered prices.”

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