Turkey reports annual inflation of 61.14 percent, highest in two decades

Turkey's annual consumer price inflation hit 61.14 percent in March, the highest in two decades, while the domestic producer price index soared to 114.97 percent, TÜİK said on April 4. According to unofficial data from the ENAG Inflation Research Group, Turkey’s annual consumer price inflation rate was 142.63 percent in March.

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Turkey's annual inflation jumped to 61.14% in March, according to data on April 4, a two-decade high fuelled by a crash in the lira currency and higher commodity prices.

Month-on-month, consumer prices rose 5.46%, the Turkish Statistical Institute (TÜİK) said.

The producer price index soared 9.19% month-on-month in March for an annual rise of 114.97%.

According to unofficial data from the ENAG Inflation Research Group, an independent institution set up in 2020 to track the country’s inflation, Turkey’s annual consumer price inflation rate was 142.63% in March, far higher than official claims. ENAG also said that prices in Turkey increased by 11.93% percent month-on-month in March. 

That’s bad news for President Recep Tayyip Erdoğan’s re-election bid next year as a cost-of-living crisis drains some support. The lira shed 44% of its value last year as the central bank slashed interest rates by 500 basis points, under a drive by Erdoğan to prioritize credit and exports despite the double-digit price rises.