Turkish Inflation Eases To 16-Month Low

A shop in Turkey

Annual consumer price inflation in Turkey fell to 43.68% in April, official data showed Wednesday.

This eased further ahead of the presidential and parliamentary elections on May 14.

April consumer prices rose 2.39% from a month earlier, less than a predicted 2.60% in a Reuters poll.

The poll had forecast that consumer prices would be up 44% from a year earlier and was expected to end the year at 46.5%.

The country’s inflation rate was 69.97% in April 2022, according to TurkStat.

In its April meeting, the Turkish Central Bank kept the one-week repo rate, also known as the policy rate, unchanged at 8.5%.

The bank forecasts that inflation in the country will hit 22.3% at the end of the year.

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