The Turkish Statistical Institute announced that consumer price inflation in Turkey declined to 50.51% on an annual basis in March.
Inflation in Turkey worsened with the currency crisis the country witnessed at the end of 2021, pushing consumer prices to a 24-year high of over 85% in October, and inflation receded, supported by the base level rising to 55.2% in 2020. February.
Following the release of the data, the lira fell slightly to 19.2020 liras against the dollar, compared to 19,9600 liras before the release, and touched a series of record declines in the past few days.
Consumer prices rose 2.29% month-on-month in March, below the 2.85% expected in a Reuters poll.
The southeast was rocked by severe earthquakes that killed more than 50,000 people and displaced millions nearly two months ago. The cost of the earthquake is expected to exceed $100 billion and wipe out economic growth by one to two percentage points this year.
Last month, Turkey’s central bank remained unchanged after lowering the interest rate to 8.5% to support growth and jobs in the wake of the disaster.
The consumer price index measures changes in the general level of prices based on tracking a basket of all goods and services consumed in a given country.
Source: Reuters
