Turkey: Annual Inflation Eases To 50% In March

Turkish annual consumer price inflation eased slightly more than expected in March, official data showed on Monday.

The prices rose 50.51% on an annual basis in March, the Turkish Statistical Institute (TurkStat) said.

Month-over-month, the inflation rose nearly 2.3%, the statistical institute said.

Evaluating the data, Treasury and Finance Minister Nureddin Nebati stressed the government was aware of the negative impacts of high inflation and therefore said they would not compromise on the fight against price increases.

“We will continue to take our steps with determination without causing a loss of production and employment, and we will gradually and permanently reduce inflation," Nebati said.

The minister emphasised that 2022 was spent under high inflation pressure, which he said was caused by multiple and multidimensional global crises.

Nebati also stressed Turkey has managed to see inflation maintain a downward course from 85% in October last year.

While the latest data still shows strong pricing pressures, the increase in all groups was lower than last year.