The growth rate of consumer prices in Turkey accelerated again in April, reaching a new maximum since November 2022. Inflation amounted to 69.8% in annual terms, compared to 68.5% in March. This is stated in the report of the country's statistical institute (Turkstat).
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The consensus forecast of analysts, cited by Trading Economics, assumed an even more significant increase in inflation – up to 70.33% in annual terms.
How prices changed
The cost of utilities in Turkey last month increased by 55.55% in annual terms, transport – by 80.39%.
Food products increased in price by 68.5%, clothing and footwear – by 51.2%, alcohol and tobacco products – by 78.53%, furniture and household appliances – by 67.88%, prices in cafes and restaurants increased by 95.82%.
Core inflation, not taking into account the cost of food, energy, alcohol, tobacco products and gold, in April accelerated to 75.81% from 75.21% a month earlier, Turkstat reports.
Read: The Central Bank of Turkey kept the rate at 45% per annum
The increase in consumer prices in Turkey in monthly terms in April amounted to 3.18% against 3.16% in March.
Prices producers (PPI index) in the country last month increased by 55.66% on an annual basis and by 3.6% on a monthly basis. In March, prices increased by 51.47% and 3.29%, respectively.
Read: Turkey: inflation is more than 60%, the national currency continues to fall, why investors love the country