In April, inflation is expected to increase by over 3% due to rises in food and service prices, reaching its highest level since November 2022 on an annual basis. The Turkish Statistical Institute (TÜİK) will announce the inflation data for April on Friday at 10:00.
According to a Reuters survey of 14 economists, monthly inflation in April is expected to be 3.4%, with an annual increase of 70.3%. In the survey, annual inflation forecasts for April range from 69.2% to 70.9%, while monthly forecasts range from 2.8% to 3.8%.
The average expectation of economists participating in the AA Finance Inflation Expectation Survey for April’s inflation is 3.22%. The inflation expectations of economists for April ranged from a low of 2.80% to a high of 3.80%. According to the average of economists’ inflation expectations for April, it is projected that the annual inflation, which was 68.50% in the previous month, will increase to 69.87%.
Inflation increased by 15% in 3 months
With the impact of price adjustments made at the beginning of the year and the minimum wage increase, inflation increased by 6.7% and 4.53% respectively in January and February. Although inflation slowed relatively in March, it remained above expectations, increasing by 3.16% monthly and reaching 68.5% annually.
The Central Bank of the Republic of Turkey (CBRT) predicts that after peaking in May, inflation will tend to decline in the second half of the year due to the delayed impact of tightening monetary policy, and it will end the year at 36%. The peak expectation for annual inflation is in the range of 73-75%.
