Annual inflation rate slows to 50.5 percent in March
ISTANBUL
Türkiye’s annual inflation rate eased from 55.1 percent in February to 50.5 percent in March, data from the Turkish Statistical Institute (TÜİK) have shown.
The inflation rate slowed for a fifth consecutive month from a high of 85.5 percent in October 2022.
Consumer prices rose by 2.29 percent in March from the prior month, down from the monthly increases of 3.15 percent in February and 6.65 percent in January.
“We spent 2022 under inflationary pressure, under the shadows of multiple and consecutive global crises. We are well aware of the negative impacts from elevated inflation. That’s why we do not make any concessions in our fight against inflation,” Treasury and Finance Minister Nureddin Nebati commented on the latest data.
He added that inflation, which hit as high as 85 percent in October, started to decline thanks to the correct steps the government took and dropped down to 50.5 percent last month.
“Most importantly, while Türkiye saw this decrease in inflation, it did not experience any losses in investment, employment and production. On the contrary, employment and export reached record levels. We will continue to take steps with determination without causing any loss in production and employment, and we will reduce inflation gradually and permanently,” the minister said.
Clothing prices fell by 1.92 percent in March from April, while the monthly increase in the cost of alcoholic beverages and tobacco prices was only 0.05 percent, the TÜİK data showed.
Food and non-alcoholic beverage prices rose by 3.84 percent month-on-month for an annual increase of 67.9 percent. The increase in housing prices was 1.98 percent month-on-month and 56.1 percent year-on-year.
Communication and transport costs were up 0.58 percent and 0.63 percent in March compared with February, respectively. Hotel and restaurant prices went up 3.85 percent on a monthly basis.
Excluding unprocessed food, energy, alcoholic beverages, tobacco and gold prices, the consumer price index exhibited a monthly increase of 2.19 percent, while the annual increase in this index was 52.1 percent.
TÜİK also reported yesterday that the domestic producer price index rose by 0.44 percent month-on-month, slowing from the 1.56 percent increase in February.
The annual increase in the producer price index, consequently, dropped from 76.6 percent in February to 62.5 percent in March.
