Latest reading: Harmonized inflation ticked up to 1.8% in December, following November’s 1.7% and below the Euro area average. The...
Inflation in Turkey
Turkey's inflation over the last decade was characterized by double-digit figures in many years due to loose monetary and fiscal policies, and huge currency depreciation. In 2022 and 2023, Turkey faced one of the highest inflation rates globally, amid a weak currency and large fiscal handouts. Inflation started moderating in 2024 as the country returned to orthodox economic policies.
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 2024.
Source: Macrobond.
Turkey Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 12.3 | 19.6 | 72.3 | 53.9 | 58.5 |
| Inflation (CPI, ann. var. %, eop) | 14.6 | 36.1 | 64.3 | 64.8 | 44.4 |
| Inflation (Core, ann. var. %, eop) | 14.3 | 31.9 | 51.9 | 70.6 | 45.3 |
| Inflation (PPI, ann. var. %, eop) | 25.1 | 79.9 | 97.7 | 44.2 | 28.5 |
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 37 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.
Latest Global Inflation News
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France: Harmonized inflation rises in December -
Russia: Inflation shoots up in December Latest reading: Inflation jumped to 9.5% in December from November’s 8.9%, marking a near two-year high as sharp currency weakness... -
United States: Inflation comes in at highest level since July in December Latest reading: Inflation rose to 2.9% in December, following November’s 2.7%. December’s result marked the highest inflation rate since July... -
Argentina: Inflation drops to lowest level since July 2023 in December Inflation drops to lowest level since July 2023 in December Latest reading: Latest reading: Inflation dropped to 117.8% in December,... -
Brazil: Inflation falls in December Latest reading: Inflation edged down to 4.8% in December, following November’s 4.9%. The print was in line with market expectations,... -
France: Harmonized inflation rises in November Latest reading: Harmonized inflation inched up to 1.7% in November from October’s 1.6%, but remained notably below the Euro area... -
Russia: Inflation shoots up in November Latest reading: Inflation rose to 8.9% in November from October’s 8.5%, surprising markets on the upside. November’s figure moved further...