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Turkey Inflation April 2024

Turkey: Inflation comes in at highest level since November 2022 in April

Inflation came in at 69.8% in April, which was up from March’s 68.5%. April’s figure came in slightly below market expectations, but represented the highest inflation rate since November 2022. Looking at the details of the release, housing and utilities prices rose at a quicker pace in April compared to the previous month, and price pressures for transport picked up pace.

The trend pointed up, with annual average inflation coming in at 59.6% in April (March: 57.5%). Meanwhile, core inflation rose to 75.8% in April, from the previous month’s 75.2%.

Finally, consumer prices increased 3.18% over the previous month in April, broadly stable from March’s 3.16% increase.

Clemens Grafe and Basak Edizgil, analysts at Goldman Sachs, said:

“We think the continued strength in core goods inflation in April was driven by a delayed FX pass-through from a weaker Lira in Q1, despite TRY stability in April, and possibly upside pressures from commodity prices in the month. That said, given the tightening in financial conditions and FX stability from March onward, we expect core goods inflation to weaken more notably in the coming months”

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