Turkey’s inflation rises to 16.19 percent on a yearly basis, highest in 22 months

The Consumer Price Index has risen 1.08 percent month-on-month and 16.19 percent year-on-year. The most expensive product in March was cauliflower with 61.04 percent. In March 2021, out of the 415 items covered in the index, there was an increase in the average price of 287 items. Annual inflation, which last saw single-digit numbers in October 2019, has been in double digits since then.

Consumer inflation rose to a peak of 16.19 per cent in the last 22 months, while foreign press commented that the rise in inflation put pressure on the new head of the Central Bank (CBRT), KAVCIOGLU.

TL LOSES 12 PER CENT AFTER FORMER GOVERNOR

Thus inflation remained in double digits, well above the official target of 5 per cent.

Naci Agbal, the previous head of the CBRT, increased his policy interest from 17 percent to 19 percent on March 18 and was fired two days later. The News reported that after Agbal TL saw 12 percent depreciation.