Inflation in Turkey Exceeds 17%, Reaching Its Highest Level Since Mid-2019

Today’s data showed that Turkey’s inflation rate rose to 17.14% year-on-year in April, touching its highest level since mid-2019, and continuing pressure on the central bank to maintain a hard-line policy.

On a monthly basis, the Turkish Statistics Institute said consumer prices rose 1.68%, compared to a Reuters poll forecast of 1.80%.

In March, the annual inflation rate was 16.19%. The forecast for April was 17.3%, well above the official target of 5%.

The data showed that the consumer price index rose 4.34% month-on-month in March, a year-on-year increase of 35.17%.

The central bank said in its quarterly report last week that inflation will decline after April and continue the gradual decline until the end of the year.