In April, the growth rate of consumer prices in Turkey accelerated again, reaching the highest level since November 2022. According to a report by the country's statistical institute (Turkstat), inflation was 69.8% year-on-year, compared with 68.5% in March. The consensus forecast of analysts expected an even more significant increase in inflation – up to 70.33% in annual terms. The cost of utilities in Turkey increased by 55.55% YoY last month, and transport services – by 80.39%. Food prices rose by 68.5%, clothing and shoes – by 51.2%, alcohol and tobacco products – by 78.53%, furniture and household appliances – by 67.88%, and prices in cafés and restaurants increased by 95.82%. Core inflation, which does not take into account the cost of food, energy, alcohol, tobacco products and gold, also accelerated to 75.81% in April from 75.21% in the previous month. Monthly consumer price growth in Turkey in April was 3.18%, compared with 3.16% in March. Producer prices (PPI index) in the country increased by 55.66% y/y last month and by 3.6% on a monthly basis. In March, prices rose by 51.47% and 3.29%, respectively.
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