Inflation continues to be one of the main problems in Turkey’s economy, with prices rising by 69.8% in April compared to the same month last year, according to the latest data released today by the Turkish Statistical Institute (TÜİK), with education, restaurants and hotels suffering the biggest cost increases over the past year.
April’s year-on-year inflation figure represents a 1.3% increase on March’s 68.5%; month-on-month, prices rose by 3.18% in April, after increasing by 3.16% in March compared to February’s inflation. Even so, the rise in the CPI was slightly lower than that predicted by leading economic analysts, who on average had expected April’s inflation figure to exceed 70.3%.
According to the report presented today by the Turkish official statistics agency, the highest year-on-year price increase was recorded in education, with a 103.86% rise in costs, followed by hotels and restaurants (95.82%) and food and non-alcoholic beverages (68.5%). Commenting on the April inflation data, Turkey’s Finance Minister Mehmet Şimşek said that the figures released today are on track and assured that after peaking in May, prices will start to decline “according to our forecasts”.
Turkish Central Bank expects inflation to fall to 36% by the end of 2024, falling to 14% by the end of 2025. International analysts’ forecasts are not as positive, however, and expect prices in Turkey to rise 43.5% year-on-year by the end of 2024, thanks to the Central Bank’s aggressive interest rate hike policy.
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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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