The annual increase of consumer prices in Turkey continued to drop in April, marking the sixth consecutive month of easing. The government anticipates this trend will persist as the country approaches critical elections scheduled for May 14th.
According to the Turkish Statistical Institute (TurkStat), the consumer price index (CPI) has nearly halved since reaching its peak in October, dropping to an annual rate of 43.68% last month. This represents a significant drop from last year’s 24-year peak of 85.51% in October. The rate fell to 50.51% by March, thanks to a favorable base effect and a relatively stable Turkish lira.
Read more: Turkey’s Central Bank maintains status quo in latest policy rate decision
The TurkStat reported that inflation increased by 2.39% month-over-month in April. This figure was lower than the median monthly estimate of 2.60% and an annual estimate of 44% in the latest Reuters poll.
In addition, the data showed that the producer price index (PPI) decreased to an 18-month low of 52.11% in April, down from 62.45% the previous month.
Among the main industrial sectors, prices for the energy industry surged 49.33% yearly in April, and those for non-durable consumer goods grew 50.57%.
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