Inflation in Turkey down to 43.7%, first low in 16 months

By Al Mayadeen English
Source: Agencies
3 May 2023 19:56

Simultaneously and according to Turkstat, the highest inflation rate of 66.62% is recorded in health, while the slowest price increase is recorded at 13.82% for clothing and footwear.

Turkish lira banknote is seen placed on U.S. Dollar banknotes in this illustration taken, November 28, 2021 (Reuters)

The Turkish Statistical Institute Turkstat revealed on Wednesday that the annual consumer price growth in Turkey plunged to 43.68% in the month of April, which also recorded a monthly inflation rate of 2.39%.

In its statement, it said, "A change in the general index was realized in CPI [consumer price index] on the previous month by 2.39%, on December of the previous year by 15.21%, on the same month of the previous year by 43.68%".

The slowing down of inflation was seen in some groups of goods and services such as housing, with a 43.18% increase this month as opposed to 56.12% in March, while food and non-alcoholic beverages recorded 53.92% in April as it was 67.89% in March.

Simultaneously and according to Turkstat, the highest inflation rate of 66.62% was recorded in health, while the slowest price increase was recorded at 13.82% for clothing and footwear.

This marks the lowest inflation rate recorded in the last 16 months, per the Daily Sabah, which arrives amid voting rushes for the presidential elections next week.

The Daily Sabah added that the Turkish Central Bank was not going to change its policy rate and is keeping it at 8.5%, predicting inflation of 22.3% at the end of 2023.

During an interview for 24 TV last week, current president and candidate Recep Tayyip Erdogan said, “We’re preparing to further strengthen our economic policies in the period ahead,” adding that "a team under the coordination of [former finance minister] Mehmet Simsek, who participated in the economy’s management for years, is making preparations to that end.”

Turkish authorities continue to fight inflation, while the nation still reels from the economic aftershocks that hit Turkey back in February, leaving more than 44,000 people dead.