The annual inflation rate in Turkey accelerated for the 12th consecutive month to 73.5 percent in May of 2022, the highest since October of 1998 and compared to market estimates of 76.6 percent. It contrasts with a much lower 16.6 percent from the corresponding period of the previous year, as the lira plunged further during the month and real interest rates remained largely negative. Main upward pressure came from food and non-alcoholic beverages (91.6 percent vs 89.1 percent in April), and transportation (107.6 percent vs 105.9 percent), largely due to surging prices for energy (121.1 percent vs 118.2 percent) amid the war in Ukraine. Costs also significantly rose for housing and utilities (63.5 percent vs 61.1 percent), furnishings and household equipment (82.1 percent vs 77.6 percent), and hotels, cafes, and restaurants (76.8 percent vs 69.3 percent). On a monthly basis, consumer prices rose by 3 percent. source: Turkish Statistical Institute
Inflation Rate in Turkey averaged 34.20 percent from 1965 until 2022, 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 July of 2022.
Inflation Rate in Turkey is expected to be 78.00 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 30.00 percent in 2023 and 10.00 percent in 2024, according to our econometric models.