Inflation in Turkey in April updated the maximum since November 2022

In April, the growth rate of consumer prices in Turkey accelerated again, reaching the highest level since November 2022. According to a report by the country's statistical institute (Turkstat), inflation was 69.8% year-on-year, compared with 68.5% in March. The consensus forecast of analysts expected an even more significant increase in inflation – up to 70.33% in annual terms.

The cost of utilities in Turkey increased by 55.55% YoY last month, and transport services – by 80.39%. Food prices rose by 68.5%, clothing and shoes – by 51.2%, alcohol and tobacco products – by 78.53%, furniture and household appliances – by 67.88%, and prices in cafés and restaurants increased by 95.82%.

Core inflation, which does not take into account the cost of food, energy, alcohol, tobacco products and gold, also accelerated to 75.81% in April from 75.21% in the previous month.

Monthly consumer price growth in Turkey in April was 3.18%, compared with 3.16% in March. Producer prices (PPI index) in the country increased by 55.66% y/y last month and by 3.6% on a monthly basis. In March, prices rose by 51.47% and 3.29%, respectively.