The annual inflation rate in Turkey slowed slightly for the first time in 4 months to 61.4% in October 2023, from 61.5% in the previous month, and below market forecasts of 62.1%, due to the diminishing impact of the lira's significant depreciation over the summer and the tax increases following the election. Food inflation reached a three-month low of 72% from 75.2% in the previous period, along with a significant reduction in housing costs (26% vs 42.3%). Conversely, inflation accelerated for transportation (72% vs 50.3%), health (81.3% vs 70.3%) and education (80.8% vs 48%). Monthly, consumer prices rose by 3.4%, the lowest in five months, down from the 4.8% jump in the previous month. Meanwhile, in its November quarterly report, the Central Bank revised its inflation forecasts, anticipating year-end inflation to reach 65%, a notable increase from the previous 58%, with a peak at 75% in May 2024, and projecting 2024 inflation to be 36%, up from the previous 33%. source: Turkish Statistical Institute

Inflation Rate in Turkey decreased to 61.36 percent in October from 61.53 percent in September of 2023. Inflation Rate in Turkey averaged 34.90 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 November of 2023.

Inflation Rate in Turkey decreased to 61.36 percent in October from 61.53 percent in September of 2023. Inflation Rate in Turkey is expected to be 65.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Turkey Inflation Rate is projected to trend around 36.00 percent in 2024 and 14.00 percent in 2025, according to our econometric models.

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Turkey Inflation Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2023-10-03 07:00 AM
Inflation Rate YoY
Sep 61.53% 58.94% 61.7% 61.5%
2023-11-03 07:00 AM
Inflation Rate YoY
Oct 61.36% 61.53% 62.12% 63.0%
2023-12-04 07:00 AM
Inflation Rate YoY
Nov 61.36% 62.0%


Related Last Unit Reference
Inflation Rate 61.36 percent Oct 2023
Inflation Rate MoM 3.43 percent Oct 2023
Consumer Price Index CPI 1749.11 points Oct 2023
Core Inflation Rate 69.76 percent Oct 2023
Core Consumer Prices 1396.22 points Oct 2023
GDP Deflator 209.30 points Jun 2023
Producer Prices 2803.29 points Oct 2023
Producer Prices Change 39.39 percent Oct 2023
Export Prices 108.73 points Sep 2023
Import Prices 126.06 points Sep 2023
Food Inflation 71.99 percent Oct 2023
CPI Transportation 2162.97 points Oct 2023
CPI Housing Utilities 1485.92 points Oct 2023

Turkey Inflation Rate
In Turkey, the most important categories in the Consumer Price Index are Food & Non-alcoholic Beverages (25% of the total weight); Transportation (17%); Housing, Water, Electricity, Gas & Other Fuels (14%). Others include: Furnishings, Household Equipment & Routine Maintenance (9%); Hotels, Cafes & Restaurants (7%); Clothing & Footwear (6%); and Miscellaneous Goods & Services (5%). The index also includes: Alcoholic Beverages & Tobacco (4%), Communications (4%) and Education (2%).
Actual Previous Highest Lowest Dates Unit Frequency
61.36 61.53 138.71 -4.01 1965 - 2023 percent Monthly
2003=100

News Stream
Turkish Inflation Eases for 1st Time in 4 months
The annual inflation rate in Turkey slowed slightly for the first time in 4 months to 61.4% in October 2023, from 61.5% in the previous month, and below market forecasts of 62.1%, due to the diminishing impact of the lira's significant depreciation over the summer and the tax increases following the election. Food inflation reached a three-month low of 72% from 75.2% in the previous period, along with a significant reduction in housing costs (26% vs 42.3%). Conversely, inflation accelerated for transportation (72% vs 50.3%), health (81.3% vs 70.3%) and education (80.8% vs 48%). Monthly, consumer prices rose by 3.4%, the lowest in five months, down from the 4.8% jump in the previous month. Meanwhile, in its November quarterly report, the Central Bank revised its inflation forecasts, anticipating year-end inflation to reach 65%, a notable increase from the previous 58%, with a peak at 75% in May 2024, and projecting 2024 inflation to be 36%, up from the previous 33%.
2023-11-03
Turkish Inflation Rate Highest in 9 Months
The annual inflation rate in Turkey accelerated for the third consecutive month to 61.5% in September 2023 from 58.9% in August, and broadly in line with market forecasts of 61.7%. This marked the highest level since December of the previous year, primarily due to increases in tax rates and the devaluation of the lira. Main upward pressures came from housing & utilities (42.3% vs 25%) and furnishings, household equipment (59.1% vs 58.9%). On the other hand, inflation eased for transportation (50.3% vs 70.2%) and health (70.3% vs 77.6%). Food inflation also slowed to 68.9% from an 8-month high of 72.9%. On a monthly basis, consumer prices soared by 4.9%, following a 9.1% hike in August. Additionally, the core rate rose to a ten month high of 68.9% in September, up from 64.8% in the previous month. As per the Middle-Term Program (MTP), inflation is projected to be 65% by the end of 2023, 33% in 2024, 15.2% post-2025, and 8.5% at the end of 2026.
2023-10-03
Turkish Inflation Rate Highest in 8 Months
The annual inflation rate in Turkey accelerated for the second consecutive month to 58.9% in August 2023 from 47.8% in July, and surpassing market forecasts of 55.9%. This was the highest reading since December last year, mainly attributed to tax rate hikes, rising food prices and the depreciation of lira. Food inflation reached an 8-month high of 72.9% (vs 60.7%). Further upward pressures came from housing & utilities (25% vs 19.3%), transportation (70.2% vs 43.4%), furnishings, household equipment (58.9% vs 50.1%) and health (77.6% vs 75.9%). Additionally, the core rate rose to a nine month high of 64.9% in August, up from 56.1% in the previous month. On a monthly basis, consumer prices soared by 9.1%, following a 9.5% increase in July. The central bank of Turkey also revised its inflation forecasts to 65% for this year, 33% in 2024, and anticipated a gradual reduction to 15% by 2025.
2023-09-04