Inflation in Turkey approached 70%
Inflation in Turkey approached 70%
  Economy  |  International  |  Analysis

Inflation in Turkey approached 70%

The average estimate in a poll of analysts by the Bloomberg agency was 69.1%.
RE+D magazine
03.04.2024

Turkey's inflation rose for a fifth consecutive month, approaching 70% despite a series of aggressive interest rate hikes.

Consumer inflation rose to 68.5% in March from 67.1% in February. The average estimate in a poll of analysts by the Bloomberg agency was 69.1%.

The figures come after the country's central bank surprised markets by raising its key interest rate to 50 percent in late March amid a worsening inflation outlook and increased demand for hard currency. The bank pledged to maintain a tight stance until prices show visible signs of stability.

According to official data, the increase in prices, which is fueled by the almost permanent devaluation of the Turkish lira, particularly affects education (+140.1%), health (+80.25%), transport (+79 .9%) and food (+70.4%).