The year-on-year rate of inflation in Turkey fell for the 10th consecutive month in March to 38.1%, its lowest level in more than three years, according to the latest data released today by the Turkish Statistical Institute (TÜİK).
The report, released today by Turkey’s official statistical body, confirms that the Consumer Price Index (CPI) fell to its lowest level since December 2021, with a year-on-year increase of 38.1%, while the increase compared to February was 2.48%.
Compared to March 2024, prices of residential housing increased by 68.6% in the last year, while hotels and restaurants services rose by 43.4%; the cost of energy increased by 41.98% since the previous year, while the increase was 37.12% for food and non-alcoholic beverages and 21.6% for transportation.
In recent statements, the governor of the Central Bank, Fatih Karahan, reiterated that the institution he presides over will maintain its current monetary policy of high interest rates for as long as necessary until inflation is sufficiently reduced and price stability is achieved. Karahan warned, however, that the impact of Ramadan on food prices, together with tensions in the financial markets, could lead to a temporary rise in the CPI in April.
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Edited and reviewed by:
Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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