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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”

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