The annual inflation rate in Turkey rose to 67.07% in February 2024, accelerating from 64.86% in the previous month and coming more than market estimates of 65.74%. It was the highest reading since November 2022, driven by a solid rise in minimum wage and adjustments in government taxes. Prices increased faster for all subgroups, particularly food & non-alcoholic beverages (71.2% vs 69.71% in January), transport (77.98% vs 77.54%), and housing & utilities (49.07% vs 45.99%). Additionally, inflation went up for furnishings, household equipment, & routine maintenance (62.92% vs 61.10%), hotels, cafes & restaurants (94.78% vs 92.27%), clothing & footwear (43.44% vs 40.62%), and miscellaneous goods & services (61.86% vs 58.95%). Meanwhile, the core inflation quickened to 72.89% in February from 70.48% in the prior period. On a monthly basis, the CPI grew 4.53%, moderating from a 5-month high of 6.70% advance in January. source: Turkish Statistical Institute

Inflation Rate in Turkey increased to 67.07 percent in February from 64.86 percent in January of 2024. Inflation Rate in Turkey averaged 35.06 percent from 1965 until 2024, reaching an all time high of 138.71 percent in May of 1980 and a record low of -4.01 percent in June of 1968. This page provides the latest reported value for - Turkey Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Turkey Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2024.

Inflation Rate in Turkey increased to 67.07 percent in February from 64.86 percent in January of 2024. Inflation Rate in Turkey is expected to be 69.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Turkey Inflation Rate is projected to trend around 14.00 percent in 2025, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-02-05 07:00 AM
Inflation Rate YoY
Jan 64.86% 64.77% 64.52% 64.23%
2024-03-04 07:00 AM
Inflation Rate YoY
Feb 67.07% 64.86% 65.74% 65.6%
2024-04-03 07:00 AM
Inflation Rate YoY
Mar 67.07% 69.1% 69.0%


Related Last Previous Unit Reference
CPI 2073.88 1984.02 points Feb 2024
Core Consumer Prices 1622.71 1566.75 points Feb 2024
Core Inflation Rate 72.89 70.48 percent Feb 2024
CPI Housing Utilities 1926.26 1862.79 points Feb 2024
CPI Transportation 2371.38 2305.71 points Feb 2024
Export Prices 111.86 109.89 points Jan 2024
Food Inflation 71.12 69.71 percent Feb 2024
GDP Deflator 240.40 237.40 points Dec 2023
Import Prices 129.94 129.66 points Jan 2024
Inflation Rate YoY 67.07 64.86 percent Feb 2024
Inflation Rate MoM 4.53 6.70 percent Feb 2024
Producer Prices 3149.03 3035.59 points Feb 2024
PPI YoY 47.29 44.20 percent Feb 2024

Turkey Inflation Rate
In Turkey, the most important categories in the Consumer Price Index are Food & Non-alcoholic Beverages (25% of the total weight); Transportation (17%); Housing, Water, Electricity, Gas & Other Fuels (14%). Others include: Furnishings, Household Equipment & Routine Maintenance (9%); Hotels, Cafes & Restaurants (7%); Clothing & Footwear (6%); and Miscellaneous Goods & Services (5%). The index also includes: Alcoholic Beverages & Tobacco (4%), Communications (4%) and Education (2%).
Actual Previous Highest Lowest Dates Unit Frequency
67.07 64.86 138.71 -4.01 1965 - 2024 percent Monthly
2003=100

News Stream
Turkey Inflation Rate Highest in 15 Months
The annual inflation rate in Turkey rose to 67.07% in February 2024, accelerating from 64.86% in the previous month and coming more than market estimates of 65.74%. It was the highest reading since November 2022, driven by a solid rise in minimum wage and adjustments in government taxes. Prices increased faster for all subgroups, particularly food & non-alcoholic beverages (71.2% vs 69.71% in January), transport (77.98% vs 77.54%), and housing & utilities (49.07% vs 45.99%). Additionally, inflation went up for furnishings, household equipment, & routine maintenance (62.92% vs 61.10%), hotels, cafes & restaurants (94.78% vs 92.27%), clothing & footwear (43.44% vs 40.62%), and miscellaneous goods & services (61.86% vs 58.95%). Meanwhile, the core inflation quickened to 72.89% in February from 70.48% in the prior period. On a monthly basis, the CPI grew 4.53%, moderating from a 5-month high of 6.70% advance in January.
2024-03-04
Turkey Inflation Rate Climbs to 14-Month High
The annual inflation rate in Turkey edged up to 64.86% in January 2024 from 64.77% in the previous month and compared to market estimates of 64.52%. It was the highest reading since November 2022, prompted by a sharp increase in the minimum wage and government tax adjustments. Prices rose faster for housing & utilities (45.99% vs 40.39% in December), furnishings, household equipment, & routine maintenance (61.10% vs 58.46%), transport (77.54% vs 77.14%), and recreation & culture (61.82% vs 61.26%). On the other hand, the inflation for food & non-alcoholic beverages slowed to 69.71% from 72.01% in December, while those for hotels & restaurants moderated to 92.27% compared to 93.24%. Meanwhile, the core inflation came at 70.48% in January, slightly easing from 70.64% in the prior period. On a monthly basis, the CPI soared 6.70%, the largest rise since August 2023 and picking up from a 2.93% increase in December.
2024-02-05
Turkish Inflation Rate Accelerates to 13-Month High
The annual inflation rate in Turkey accelerated to 64.8% in December 2023, the highest level since November 2022, compared to November's 62%, but slightly below market forecasts of 65.1%. Main upward pressures came from prices of transportation (77% vs 70% in November), housing & utilities (40.4% vs 37.5%), recreation & culture (61.3% vs 56.9%) and hotels, cafes & restaurants (93.2% vs 92.9%). Food inflation also quickened to a 3-month high of 72% from 67.2% in the prior month. On a monthly basis, consumer prices soared by 2.9%, easing from the 3.3% hike in the previous month. Meanwhile, the core rate climbed by 70.6% in December, pointing to the highest reading since records commenced in 2004, from the 69.9% in November. Ahead of the municipal elections scheduled for the end of March, the net minimum wage will be increased by 49% to 17,002 lira ($578) for 2024, fueling concerns that inflation will rise further.
2024-01-03