Turkey Inflation April 2019


Turkey: Inflation edges down in April

May 3, 2019

Consumer prices rose 1.69% month-on-month in April in Turkey, up from March’s 1.03% increase. The latest outturn came in below market expectations of a stronger monthly price increase of 1.90%. April’s month-on-month rise in consumer prices was driven by a stronger uptick in prices for transportation, and housing, water, electricity, gas and other fuels. While alcoholic beverages and tobacco also became significantly more expensive, prices for food and non-alcoholic beverages rose at a softer pace.

Inflation, meanwhile, edged down from 19.7% in March to 19.5% in April, the lowest reading since August 2018. Core inflation, excluding more volatile price items such as energy and food, eased to 16.3% from 17.5% in March and continued its downward trend on the back of plummeting domestic demand.

Despite still-high inflation, the Central Bank removed its tightening bias from its forward-looking guidance at its 26 April meeting. This was initially viewed as opening the door to a premature easing cycle. However, the governor of the Central Bank has since clarified the Bank’s position, making clear that further monetary tightening is still not out of the question.

FocusEconomics Consensus Forecast panelists expect consumer price inflation to end 2019 at 14.9% and 2020 at 11.2%.

Author:, Economist

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Turkey Inflation Chart

Turkey Inflation April 2019

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Turkish Statistical Institute (TurkStat).

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