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  • 04-05-23

    Türkiye's Annual Inflation Rate Falls for Sixth Consecutive Month to 16-Month Low in April

    (MENAFN) Türkiye's annual consumer inflation rate fell for the sixth consecutive month in April, reaching a 16-month low of 43.68 percent, according to official data released by the Turkish Statistical Institute (TurkStat) on Wednesday. This figure was down from 50.51 percent in March, and below the market forecast of 51.33 percent. In April 2022, the inflation rate was 69.97 percent, indicating a significant improvement in the country's inflation situation.

    The prices of furniture, food and non-alcoholic beverages, and housing increased at a slower pace in April compared to March. Furniture prices rose by 43.18 percent in April, down from 56.12 percent in March, while food and non-alcoholic beverages increased by 53.92 percent in April, compared to 67.89 percent in March. Housing prices rose by 43.18 percent in April, down from the previous month's increase of 56.12 percent. The highest yearly price increase was in health, with 66.62 percent, while the lowest was in clothing and footwear, with 13.82 percent.

    On a monthly basis, consumer prices in Türkiye increased by 2.39 percent in April, accelerating from March's three-month low of 2.29 percent. Despite the improvement in inflation, the Turkish Central Bank kept the policy rate, also known as the one-week repo rate, unchanged at 8.5 percent in its April meeting.

    The bank forecasts that inflation in the country will hit 22.3 percent at the end of the year, indicating that there is still work to be done to address the country's inflation issues. However, the consecutive months of falling inflation rates and the record-low inflation rate in April are positive signs for Türkiye's economy, indicating that efforts to curb inflation are having a positive impact.

    In conclusion, Türkiye's annual consumer inflation rate fell for the sixth consecutive month to a 16-month low of 43.68 percent in April, according to official data released by TurkStat. Prices for furniture, food and non-alcoholic beverages, and housing increased at a slower pace, while health had the highest yearly price increase and clothing and footwear had the lowest. Despite the improvement in inflation, the Turkish Central Bank kept the policy rate unchanged and forecasts inflation to hit 22.3 percent by the end of the year. The consecutive months of falling inflation rates and the record-low inflation rate in April are positive signs for Türkiye's economy, indicating that efforts to curb inflation are having a positive impact.

    MENAFN04052023000045014228ID1106172152

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