Skyline at golden hour in Turkey

Turkey Inflation March 2024

Turkey: Inflation rises in March

Inflation came in at 68.5% in March, up from February’s 67.1%. March’s figure marked the highest inflation rate since November 2022. That said, the figure came in slightly below market expectations. The acceleration was primarily driven by faster growth in prices for transport, and for housing and utilities.

Accordingly, the trend pointed up, with annual average inflation coming in at 57.5% in March (February: 55.9%). Meanwhile, core inflation rose to 75.2% in March, from the previous month’s 72.9%.

Finally, consumer prices rose 3.16% from the previous month in March, below the 4.53% rise seen in February.

Inflation is seen hovering around current levels in Q2 and is projected to start decelerating noticeably in H2 due to a prior monetary tightening and a high base effect.

Analysts at the EIU commented:

“Inflationary pressures remain strong; the CBT has allowed the lira to weaken, and higher government spending and generous pre- and post-election increases in pay and pensions will still support demand and increase costs for businesses”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Download Fullscreen