Inflation in Turkey exceeds 17% after the currency decline

Turkey’s inflation rate rose to 17.14% year-on-year in April, reaching its highest level since mid-2019, data showed on Monday, continuing pressure on the central bank to maintain a hardline policy.

On a monthly basis, the Turkish Statistics Institute said consumer prices rose 1.68%, compared to a Reuters poll forecast of 1.80%.

In March, the annual inflation rate was 16.19%.

The forecast for April was 17.3%, well above the official target of 5%.

The data showed that the consumer price index rose 4.34% month-on-month in March, a year-on-year increase of 35.17%.

The central bank said in its quarterly report last week that inflation will decline after April and continue the gradual decline until the end of the year.

Share it...
Live Updates COVID-19 CASES