Inflation in Turkey

Turkey Inflation | Economic News & Forecasts

Turkey - Inflation

Inflation hits over two-year high in September

Consumer prices increased 1.25% in September over the previous month, accelerating from August's 1.12% increase. The print reflected a steep rise in the price level for education; furnishing and household equipment; housing; and hotels, cafes and restaurants.

Inflation edged up to 19.6% in September from August’s 19.3%. September's reading marked the highest inflation rate since March 2019. Annual average inflation rose to 16.4% in September (August: 15.8%). Lastly, core inflation ticked up to 17.0% in September, from August’s 16.8%.

Commenting on the inflation outlook in the remainder of this year and next year, analysts at the EIU stated:

“Although a favourable base effect should cause inflation to ease by year-end, persistent inflationary expectations, rising global prices, potential monetary loosening and a weak lira will keep inflation high on average in 2021, at 17.1%--well above the central bank's 5% target. In 2022 supply disruptions will fade but we expect inflationary pressures to remain elevated, at 13.7%, mainly because of continued lira volatility. Aggressive monetary policy easing, high currency volatility, supply-side disruptions and rising global oil prices pose risks to this forecast.”

FocusEconomics Consensus Forecast panelists expect inflation to average 17.2% in 2021, which is up 0.5 percentage points from last month’s forecast, and 13.9% in 2022, which is up 0.1 percentage points from last month’s estimate.

Turkey - Inflation Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)7.7  7.8  11.1  16.3  15.2  

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Turkey Inflation Chart


Turkey Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Statistical Institute and FocusEconomics calculations.

Turkey Facts

Value Change Date
Bond Yield12.00-0.09 %Dec 31
Exchange Rate5.95-0.85 %Jan 01

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