The annual inflation rate in Turkey rose for the first time in 9 months to 47.8% in July 2023 from 38.2% in June, and above market forecasts of 47.3%, as several tax hikes and the lira depreciation pushed prices higher. Main upward pressures came from housing & utilities (19.3% vs 14.8%), transportation (43.4% vs 21%), furnishings, household equipment (50.1% vs 43.2%) and health (75.9% vs 65.7%). Food inflation also surged to a 4-month high of 60.7% (vs 53.9%). Additionally, the core rate climbed to an eight month high of 56.1% in July from 47.4%. On a monthly basis, consumer prices soared by 9.5%, the biggest increase since January last year. The central bank of Turkey recently forecast inflation will hit 58% by the end of the year. source: Turkish Statistical Institute

Inflation Rate in Turkey averaged 34.79 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 August of 2023.

Inflation Rate in Turkey is expected to be 45.00 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 33.00 percent in 2024 and 23.00 percent in 2025, according to our econometric models.

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Turkey Inflation Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-05 07:00 AM Jun 38.21% 39.59% 39.47% 39.5%
2023-08-03 07:00 AM Jul 47.83% 38.21% 47.3% 47%
2023-09-04 07:00 AM Aug 47.83% 55.9% 45.0%


Related Last Previous Unit Reference
Inflation Rate 47.83 38.21 percent Jul 2023
Inflation Rate MoM 9.49 3.92 percent Jul 2023
Consumer Price Index CPI 1479.84 1351.59 points Jul 2023
Core Inflation Rate 56.09 47.33 percent Jul 2023
Core Consumer Prices 1174.19 1071.29 points Jul 2023
GDP Deflator 194.20 231.30 points Mar 2023
Producer Prices 2511.75 2320.72 points Jul 2023
Producer Prices Change 44.50 40.42 percent Jul 2023
Export Prices 115.00 114.00 points Jun 2023
Import Prices 128.70 131.30 points Jun 2023
Food Inflation 60.72 53.92 percent Jul 2023
CPI Transportation 1780.80 1512.30 points Jul 2023
CPI Housing Utilities 1222.27 1152.79 points Jul 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
47.83 38.21 138.71 -4.01 1965 - 2023 percent Monthly
2003=100

News Stream
Turkish Inflation Rate Highest in 4 Months
The annual inflation rate in Turkey rose for the first time in 9 months to 47.8% in July 2023 from 38.2% in June, and above market forecasts of 47.3%, as several tax hikes and the lira depreciation pushed prices higher. Main upward pressures came from housing & utilities (19.3% vs 14.8%), transportation (43.4% vs 21%), furnishings, household equipment (50.1% vs 43.2%) and health (75.9% vs 65.7%). Food inflation also surged to a 4-month high of 60.7% (vs 53.9%). Additionally, the core rate climbed to an eight month high of 56.1% in July from 47.4%. On a monthly basis, consumer prices soared by 9.5%, the biggest increase since January last year. The central bank of Turkey recently forecast inflation will hit 58% by the end of the year.
2023-08-03
Turkish Inflation Rate Eases to 18-Month Low
The annual inflation rate in Turkey fell for an eighth consecutive month to 38.2% in June 2023, the lowest since December 2021, from 39.6% in May and below market expectations of 39.47%. Despite the slowdown in the headline rate, prompted by President Erdogan's pre-election promise to provide unlimited free natural gas for all households for a year, core inflation rate accelerated to 47.3% from 46.6%, signaling elevated price pressures. In June, cost advanced at a softer pace for housing & utilities (14.8% vs 20.7%), transportation (21% vs 23.7%), furnishings, household equipment (43.2% vs 45.1%) and health (65.7% vs 66.9%). On the other hand, food inflation surged to a 3-month high of 54% (vs 52.5%) and prices grew slightly faster for recreation & culture (43% vs 42.9%). On a monthly basis, consumer prices soared by 3.9%, the biggest increase in five months, as the lira weakened sharply.
2023-07-05
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