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Turkish Lira nears 70% year on year inflation

Turkey’s inflation rate, already one of the world’s highest, accelerated for the sixth straight month, as government policies such as wage hikes counter aggressive interest-rate increases.

Tweet on Turkish Lira inflation

Bloomberg chart

Consumer prices grew 69.8% from a year earlier, the fastest since late 2022, and up from 68.5% in March.

The median estimate in a Bloomberg survey of economists was just over 70%.

Monthly price growth, the central bank’s preferred gauge, was steady at 3.18%. Turkish monetary authorities have said that annual inflation probably won’t peak until this month, before slowing to 36% by the end of the year.

The central bank is likely months away from starting to cut borrowing costs. It’s lifted its key rate to 50% from 8.5% in June, marking a U-turn after several years of heeding President Recep Tayyip Erdogan’s calls for ultra-loose monetary policy.


Image: Turkish lira