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Turkish inflation slows to 43.7 percent in April ahead of elections

Middle East

03-05-2023 | 04:06

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Turkish inflation slows to 43.7 percent in April ahead of elections

Turkish annual consumer price inflation slowed to 43.68 percent in April, official data showed on Wednesday, slightly below forecast, easing further ahead of presidential and parliamentary elections on May 14.

April consumer prices rose 2.39 percent from a month earlier (TRCPI=ECI), less than a predicted 2.60 percent in a Reuters poll.

The poll had forecast that consumer prices (TRCPIY=ECI) would be up 44 percent from a year earlier, and were expected to end the year at 46.5 percent.

Inflation has been stoked by a currency crisis at the end of 2021 and it touched a 24-year peak of 85.51 percent last October. It fell sharply in December but eased only to 50.51 percent in February despite a favorable base effect.

The domestic producer price index was up 0.81 percent month-on-month in April for an annual rise of 52.11 percent, according to the data from the Turkish Statistical Institute.

Turkey

Inflation

Slows

Currency

Crisis

Ahead

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