The annual inflation rate in Turkey fell for a third consecutive month to 57.7% in January of 2023, the lowest since February of 2022, but higher than market forecasts of 53.5%. The recent slowdown is mainly due to a fall in energy prices and a statistical discrepancy as prices in 2022 soared after the lira plunged to record low levels. A slowdown was seen in cost of food & non-alcoholic beverages (71% vs 77.9%), housing and utilities (56.2% vs 79.8% in December), transportation (47.7% vs 54.5%) and clothing and footwear (24.2% vs 25.9%). On the other hand, prices accelerated for hotels, cafes & restaurants (75.1% vs 68.5%), health (77.2% vs 67%) and education( 41.7% vs 37.3%). On a monthly basis, consumer prices went up 6.7%, the highest in nine months, after a 1.2% rise in the previous month. Policymakers expect inflation to fall to 22.3% by the end of the year. source: Turkish Statistical Institute
Inflation Rate in Turkey averaged 34.69 percent from 1965 until 2023, reaching an all time high of 138.71 percent in May of 1980 and a record low of -4.01 percent in June of 1968. This page provides the latest reported value for - Turkey Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Turkey Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2023.
Inflation Rate in Turkey is expected to be 60.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.