TurkStat: Inflation falls to 43.68 in April

Annual consumer price inflation in Türkiye fell to 43.68% in April, TurkStat data showed Wednesday, easing further ahead of presidential and parliamentary elections on May 14.

April consumer prices rose 2.39% from a month earlier, less than a predicted 2.60% in a Reuters poll.

The poll had forecast that consumer prices would be up 44% from a year earlier, and were expected to end the year at 46.5%.

The inflation rate was 69.97% in April 2022, according to TurkStat.

Prices increased at a slower pace in furniture – 43.18% in April versus 56.12% in March – as well as in food and non-alcoholic beverages, which rose 53.92% in April compared to 67.89% in March, and in housing, with a 43.18% rise last month from the previous 56.12% increase.

The highest price increase on a yearly basis was in health, with 66.62%, while the lowest was in clothing and footwear, with 13.82%.

On a monthly basis, consumer prices in Türkiye increased 2.39% in April, accelerating from March’s three-month low of 2.29%.

In its April meeting, the Turkish Central Bank kept the one-week repo rate, also known as the policy rate, unchanged at 8.5%.

The bank forecasts that inflation in the country will hit 22.3% at the end of the year.