Turkey: Inflation Rate Jumps 16% Higher in March

Turkey’s annual inflation rose to more than 16% in March for the first time since mid-2019, according to Monday’s data, which means pressure builds on new central bank governor Şahap Kavcıoğlu to maintain a hawkish policy after his surprise appointment.

Consumer prices rose 16.19% year-on-year, higher than 16.11% in a Reuters poll and 15.61% in February.

Inflation is still well above the official target of 5% and has been in double digits for most of the past four years.

The Turkish Statistical Institute said the monthly CPI inflation was 1.08%, compared to a Reuters poll forecast of 1.04%.