Inflation rate in Türkiye exceeds 69% in April
In April, official data showed that Türkiye’s inflation rate stood at 69.8% compared to 68.5% in March, indicating a continued acceleration in price rates.
Consumer prices rose 3.2% during the month, according to Türkiye’s National Bureau of Statistics.
Despite the Central Bank of Türkiye’s attempts to raise interest rates from 8.5% to 50% between June and March to curb inflation, these efforts have not borne fruit due to the continued decline in the value of the Turkish lira.
In mid-April, Turkish Labor Minister Vedat Bilgin announced that the minimum wage wouldn’t be raised in July, a decision aimed at combating pressures from inflation.
The minimum wage was raised by almost 50% at the beginning of January.
Official data shows that prices of many sectors increased, including education by 103.9% year-on-year, hotels and restaurants by 95.8%, transportation by 80.4%, and health by 77.7%.
The current price increase is one of the reasons for the defeat of Turkish President Recep Tayyip Erdogan’s Justice and Development Party (AKP) in local elections at the end of March.
According to estimates, inflation exceeded 124% year-on-year in April, up 5 points in one month.
