Inflation in Türkiye in April reached its highest level since November 2022

The growth rate of consumer prices in Türkiye accelerated again in April, reaching a new high since November 2022, reads the report of the country’s statistical institute (Turkstat), Report informs referring to Interfax.

Inflation was 69.8% in annual terms, compared to 68.5% in March.

The consensus forecast of analysts, cited by Trading Economics, assumed an even more significant increase in inflation, to 70.33% in annual terms.

The cost of utilities in Türkiye last month increased by 55.55% in annual terms, transport - by 80.39%. Food prices increased by 68.5%, clothing and shoes by 51.2%, alcohol and tobacco products by 78.53%, furniture and household appliances by 67.88%, prices in cafes and restaurants grew by 95.82%.

Core inflation, which doesn’t take into account the cost of food, energy, alcohol, tobacco and gold, accelerated to 75.81% in April from 75.21% a month earlier, Turkstat informs.

The growth in consumer prices in Türkiye in monthly terms in April amounted to 3.18% compared to 3.16% in March.

Producer price indices (PPI) 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.