Turkey Inflation Rate
May 2023 Data – 1965-2022 Historical – June Forecast
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The annual inflation rate in Turkey fell for a seventh consecutive month to 39.6% in May 2023, the lowest since December 2021, from 43.7% in April.The big slowdown results from the pre-election promise made by President Erdogan to provide unlimited free natural gas for all households for a year.As a result, household gas prices were recorded as zero.Cost advanced at a softer pace for housing & utilities (20.7% vs 43.2%), alcoholic beverages & tobacco (30.1% vs 38.2%), transportation (23.7% vs 25.6%), furnishings, household equipment (45.1% vs 48.4%) and recreation & culture (42.9% vs 46.4%).
Meanwhile, food inflation eased to 17-month lows of 52.5% (vs 53.9%).
On the other hand, inflation accelerated for health (66.9% vs 66.6%), education (50.9% vs 44.1%), hotels, cafes & restaurants (69% vs 66.4%).Also, the core rate surged to 46.6% in May from the prior 45.5%.On a monthly basis, consumer prices were little changed, the lowest reading since 2008, after a 2.4% spike in April.
source:
Turkish Statistical Institute
Inflation Rate in Turkey averaged 34.76 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 June of 2023.
Inflation Rate in Turkey is expected to be 38.00 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 10.00 percent in 2024 and 5.60 percent in 2025, according to our econometric models.
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Calendar
GMT
Reference
Actual
Previous
Consensus
TEForecast
2023-05-03
07:00 AM
Inflation Rate YoY
Apr
43.68%
50.51%
43%
2023-06-05
07:00 AM
Inflation Rate YoY
May
39.59%
43.68%
39.2%
39.1%
2023-07-03
07:00 AM
Inflation Rate YoY
Jun
39.59%
38.0%
Related
Last
Previous
Unit
Reference
Inflation Rate
39.59
43.68
percent
May 2023
Inflation Rate MoM
0.04
2.39
percent
May 2023
Consumer Price Index CPI
1300.60
1300.04
points
May 2023
Core Inflation Rate
46.62
45.48
percent
May 2023
Core Consumer Prices
1031.64
989.57
points
May 2023
GDP Deflator
194.20
231.30
points
Mar 2023
Producer Prices
2179.02
2164.94
points
May 2023
Producer Prices Change
40.76
52.11
percent
May 2023
Export Prices
114.87
116.16
points
Mar 2023
Import Prices
132.94
136.79
points
Mar 2023
Food Inflation
52.50
53.92
percent
May 2023
CPI Transportation
1400.79
1374.88
points
May 2023
CPI Housing Utilities
1119.36
1298.41
points
May 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
39.59
43.68
138.71
-4.01
1965 – 2023
percent
Monthly
2003=100
Compare
Inflation Rate by Country
News Stream
Turkish Inflation Rate Lowest Since 2021
The annual inflation rate in Turkey fell for a seventh consecutive month to 39.6% in May 2023, the lowest since December 2021, from 43.7% in April.The big slowdown results from the pre-election promise made by President Erdogan to provide unlimited free natural gas for all households for a year.As a result, household gas prices were recorded as zero.Cost advanced at a softer pace for housing & utilities (20.7% vs 43.2%), alcoholic beverages & tobacco (30.1% vs 38.2%), transportation (23.7% vs 25.6%), furnishings, household equipment (45.1% vs 48.4%) and recreation & culture (42.9% vs 46.4%).
Meanwhile, food inflation eased to 17-month lows of 52.5% (vs 53.9%).On the other hand, inflation accelerated for health (66.9% vs 66.6%), education (50.9% vs 44.1%), hotels, cafes & restaurants (69% vs 66.4%).Also, the core rate surged to 46.6% in May from the prior 45.5%.On a monthly basis, consumer prices were little changed, the lowest reading since 2008, after a 2.4% spike in April.
2023-06-05
Turkish Inflation Rate Continues to Ease
The annual inflation rate in Turkey fell for a sixth consecutive month to 43.7% in April of 2023, the lowest since December of 2021, from 50.5% in March.Cost advanced at a softer pace for food & non-alcoholic beverages (53.9% vs 67.9% in the previous period), alcoholic beverages & tobacco (38.2% vs 43.8%), clothing & footwear (13.8% vs 17.3%), housing & utilities (43.2% vs 56.1%), furnishings, household equipment, routine maintenance (48.4% vs 53.4% ), transportation (25.6% vs 28.7%), hotels, cafes & restaurants (66.4% vs 70.7%) and recreation & culture (46.4% vs 47.4%).On the other hand, inflation accelerated slightly for health (66.6% vs 64.7%) and education (44.1% vs 43.8%).Meanwhile, the core rate, which excludes volatile items, dropped to 45.5% in April from the prior 47.4%.On a monthly basis, consumer prices surged 2.4% after a 2.3% hike in March.
2023-05-03
Turkish Inflation Rate Slows for 5th Month
The annual inflation rate in Turkey fell for a fifth consecutive month to 50.5% in March of 2023, the lowest since January of 2022, from 55.2% in February and below market expectations of 51.3%.
Cost advanced at a softer pace for food & non-alcoholic beverages (67.9% vs 69.3% in February), alcoholic beverages & tobacco (43.8% vs 49.3%), clothing & footwear (17.3% vs 21.7%), housing & utilities (56.1% vs 55.9% ), furnishings, household equipment, routine maintenance (53.4% vs 54.1%), health (64.7% vs 70.1%), transportation (28.7% vs 44.9% ), hotels, cafes & restaurants (70.7%vs 74.3%) and education (43.8% vs 44.2% ).On the other hand, inflation rose slightly for recreation & culture (47.4% vs 47.2%).On a monthly basis, consumer prices rose 2.3%, the lowest in three months, after a 3.2% hike in the previous month, and less than a predicted 2.85%.Meanwhile, the core rate, which excludes volatile items, rose by 47.4% in March from 50.6% in the previous month.
2023-04-03
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