Turkish inflation rose to a 20-year high of 69.97% year-on-year in April, exacerbated by the weakness of the local currency (the Turkish lira) and the negative effects of Russia’s military invasion of Ukraine, which have risen sharply. at commodity prices.
Turkey’s consumer price index (CPI) rose 7.25% in April from March, according to official statistics.
Compared to a year earlier, inflation in April jumped by 69.97% after rising by 61.14% in March.
This is the highest inflation in the country since February 2002 and much higher than in April 2020 (17.14%).
Turkey’s consumer inflation chart on an annual basis
The most drastic growth in April on an annual basis was in transport prices (a jump of 105.86%) as a result of the sharp rise in energy prices amid the war in Ukraine, followed by that in food and non-alcoholic beverages (by 89 , 1%), of furniture and household equipment (an increase of 77.64%) and of housing and communal services (by 69.26%).
The weakest annual increase in prices in April was in the field of communications (by 18.71%), clothing and footwear (by 26.23%), education (by 27.73%) and healthcare (by 35.95%) .
At the same time, producer prices (PPI of the producer price index) jumped in April by 7.67% compared to a month earlier and by a whopping 121.82% compared to April 2021. This is a sign that consumer inflation in Turkey will continues to grow strongly in the coming months.
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