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Turkey Inflation

Turkey Inflation

Inflation in Turkey

Turkey's inflation journey from 2013 to 2022 was turbulent, characterized by double-digit figures as a result of loose monetary and fiscal policies, and huge currency depreciation. By 2022, Turkey faced one of the highest inflation rates globally, driven by aggressive monetary policy easing amid political influence on central bank decision-making.

Consumer price inflation in Turkey averaged 17.9% in the ten years to 2022, which is above the Eastern Europe regional average of 7.7%. The 2022 average figure was 72.3%. For more inflation information, visit our dedicated page.

Turkey Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Turkey from 2014 to 2023.
Source: TURKSTAT.

Turkey Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 16.3 15.2 12.3 19.6 72.3
Inflation (CPI, ann. var. %, eop) 20.3 11.8 14.6 36.1 64.3
Inflation (Core, ann. var. %, eop) 19.5 9.8 14.3 31.9 51.9
Inflation (PPI, ann. var. %, eop) 33.6 7.4 25.1 79.9 97.7

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”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Turkish inflation projections for the next ten years from a panel of 42 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Turkish inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Turkish inflation projections.

Want to get access to the full dataset of Turkish inflation forecasts? Send an email to info@focus-economics.com.

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