Data on Monday showed that Turkey’s inflation rate rose to 17.14% year-on-year in April, touching the highest level since mid-2019, and continuing to pressure the central bank to maintain a hard-line policy.
The Turkish Statistics Institute said that consumer prices rose 1.68%, compared with expectations of a Reuters poll of 1.80%.In March, the annual inflation rate was 16.19%. The forecast for April was 17.3%, well above the official target of 5%.
The data showed that the consumer price index rose 4.34% on a monthly basis in March, with an annual increase of 35.17%.
The central bank said in its quarterly report last week that inflation will decline after April and continue the gradual decline until the end of the year.