Türkiye's Annual Inflation Nears 70 Percent in April

The annual consumer inflation continued to rise, mainly due to the increase in service prices.

According to data released by the Turkish Statistical Institute, the monthly consumer price index increased by 3.18 percent in April.

Alcoholic beverages and tobacco saw the highest price increase of 9.56 percent in the month, followed by restaurants and hotels, with a price increase of 4.69 percent, and clothing and footwear, with a price increase of 4.58 percent.

Türkiye's consumer prices remain elevated despite a monetary tightening policy since mid-2023. The country's inflation climbed to 68.5 percent annually in March.

Since the middle of last year, the Turkish government has reversed its ultra-low interest rate policy and implemented a monetary tightening policy in an effort to tame the stubbornly high inflation.

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