Inflation Rate in Turkey decreased to 39.05 percent in February from 42.12 percent in January of 2025. This dataset provides the latest reported value for - Turkey Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In November 2024, the inflation rate in Turkey corresponded to 47.1 percent. The monthly inflation rate in Turkey reached 85.51 percent in October 2022, the highest inflation rate recorded during the provided time interval. In June 2023, the year-on-year change in the Consumer Price Index (CPI) was recorded at 38.21 percent, the lowest since January 2022. Since the second half of 2019, Turkey’s inflation rate has consistently been in double digits, with inflation accelerating at the fastest rate in 2022. High production costs In Turkey, domestic producer price indices have been continuously rising, which has directly resulted in a price increase in all consumer goods and services. Accordingly, the Consumer Price Index (CPI) in all commodity groups increased extremely since 2022. In the same year, the food and non-alcoholic beverages category had one of the highest inflation rates in the CPI. This particularly affected Turkish consumers, as these products accounted for the highest share of household expenditure in 2023. Soaring food prices Since 2020, food prices have increased significantly around the world, and Turkey is no exception. Although inflation has started to slow down recently, food prices in Turkey continue to go up steadily, increasing by 48.6 percent in November 2024 compared to the same month in the previous year. It is not surprising that food inflation has not simmered down, as the producer price index (PPI) of agricultural products followed a constant increasing trend in the country over the past few years.

Core consumer prices in Turkey increased 40.21 percent in February of 2025 over the same month in the previous year. This dataset provides the latest reported value for - Turkey Core Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In recent years, the inflation rate in Turkey increased dramatically for consumer prices, with especially food prices recording very high rates. Over the observed period, the highest rate of inflation for food in Turkey was recorded in November 2022, with an increase of 102.6 percent. As of November 2024, food prices in the country increased by 48.6 percent compared to the same month in the previous year.

In Turkey, especially the consumer prices in education, housing and hotels, cafés, and restaurants have risen significantly, reaching about 92.5, 74.5, and 59.4 percent in November 2024, respectively. Overall, the consumer price inflation rate totaled 47.1 percent in Turkey that month.

The statistic shows the average inflation rate in Turkey from 1987 to 2023, with projections up until 2029. In 2023, the average inflation rate in Turkey was at around 53.86 percent compared to the previous year.

Turkey’s economy

With a continuously growing gross domestic product /GDP and thus a rising share in the global GDP adjusted for Purchasing Power Parity, Turkey’s economy is one of the largest worldwide. By 2030, Turkey is estimated to be one of the countries with the highest gross domestic product worldwide.

Import of goods figures and export figures are rising as well, however, the trade balance of Turkey has been in the negative range for several years now with a downwards trend which indicates a serious trade deficit – or in other words: an imbalance between export and import costs; the value of goods Turkey imports is a lot higher than the value of exported goods.

Main export partners of Turkey for textiles, automotive goods, iron and steel, among other goods, are mostly European countries, with Germany leading the ranking, followed by Iraq, Great Britain, Italy and France. The most important economic sector for Turkey is the services sector, especially the tourism sector, which has experienced a significant boost over the last decade. Thus, Turkey is now among the most popular destinations for visitors of all nations.

A look at gross domestic product /GDP growth in Turkey shows that the country suffered a brief setback during the economic crisis of 2008, but swiftly recovered and was back in the black by 2010. Turkey’s employment figures hardly suffered at all, they too recovered quickly and are now back to pre-crisis levels.

The Consumer Price Index in Turkey increased 2.27 percent in February of 2025 over the previous month. This dataset provides the latest reported value for - Turkey Inflation Rate MoM - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The latest inflation rate, i.e. the percent change in the CPI from a year ago to now, in Turkey was 39.1 percent. That number was released in . It shows a decrease from the inflation rate in the previous month when it stood at 42.17 percent. Compared to a year ago, we see a decrease from the inflation...

Cost of food in Turkey increased 35.11 percent in February of 2025 over the same month in the previous year. This dataset provides the latest reported value for - Turkey Food Inflation - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The figures for the consumer price index (CPI) in Turkey generally showed a rising trend during the period under review. It went from approximately 95 points in January 2003 to over 2,657 points in November 2024. This indicated an about 47.1 percent price increase compared to the corresponding month of the preceding year.

When asked about their expectation regarding the course of inflation in their country, the majority of the interviewed Turkish people anticipated that the inflation would keep rising. Only 12 percent of the respondents thought that inflation will decline over the following months.

Key information about Turkey Core CPI Change

• Turkey Core CPI Change was reported at 39.469 % in Feb 2025.
• This records a decrease from the previous number of 42.078 % for Jan 2025.
• Turkey Core CPI Change data is updated monthly, averaging 9.129 % from Jan 2004 to Feb 2025, with 254 observations.
• The data reached an all-time high of 77.014 % in Oct 2022 and a record low of 2.308 % in Jun 2009.
• Turkey Core CPI Change data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Core CPI: Y-o-Y Growth: Monthly.

CEIC calculates Core Consumer Price Index Growth from monthly Core Consumer Price Index. Turkish Statistical Institute provides Core Consumer Price Index with base 2003=100. Core Consumer Price Index excludes Unprocessed Food, Alcoholic Beverages, Tobacco, Energy and Gold.

Producer Prices in Turkey increased 25.21 percent in February of 2025 over the same month in the previous year. This dataset provides the latest reported value for - Turkey Producer Prices Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

As of October 2024, the inflation rate for the service producer price index (SPPI) stood at around 55.3 percent. The inflation rate of the service producer price index (SPPI) oscillated between January 2018 and October 2024 in Turkey. The annual rate of change for SPPI totaled 107 percent in September 2022, the highest inflation rate recorded during the provided time period.

GDP Deflator in Turkey increased to 249.20 points in the fourth quarter of 2024 from 243.70 points in the third quarter of 2024. This dataset provides the latest reported value for - Turkey GDP Deflator - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The inflation rates of various energy commodities in Turkey skyrocketed in 2022 and again in 2024. The annual rate of change of the energy price inflation peaked in June 2022 at 172.9 percent after climbing continuously from late 2020. August 2022 saw energy inflation drop somewhat, though energy prices were still 133 percent higher than they were that same month in the previous year. Gas and electricity price inflation have also seen significant increases in the period of consideration. Gas inflation skyrocketed with an annual rate of change of over 500 percent at the end of 2024.

Argentina had the highest annual inflation rate of G20 member countries as of April 2024, reaching an annual average of 250 percent. The Latin American country has struggled with high inflation over several years. Elsewhere, the inflation rate in Turkey reached almost 60 percent, while it was lowest in China at one percent.

Harmonised Consumer Prices in Turkey increased to 1106.41 points in February from 1081.77 points in January of 2025. This dataset provides - Turkey Harmonised Consumer Prices- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: All Items Non-Food Non-Energy for Turkiye (CPGRLE01TRA659N) from 1994 to 2024 about Turkey, core, all items, CPI, inflation, price index, indexes, and price.

The benchmark interest rate in Turkey was last recorded at 42.50 percent. This dataset provides the latest reported value for - Turkey Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.