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.

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...

Harmonised Inflation Rate YoY in Turkey decreased to 39.10 percent in February from 42.20 percent in January of 2025. This dataset includes a chart with historical data for Turkey Harmonised Inflation Rate YoY.

Harmonised Inflation Rate MoM in Turkey decreased to 2.30 percent in February from 5 percent in January of 2025. This dataset includes a chart with historical data for Turkey Harmonised Inflation Rate MoM.

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.

Turkey Core Inflation Index: YoY data was reported at 12.872 % in Dec 2026. This records a decrease from the previous number of 15.625 % for Sep 2026. Turkey Core Inflation Index: YoY data is updated quarterly, averaging 20.015 % from Mar 1961 (Median) to Dec 2026, with 264 observations. The data reached an all-time high of 136.887 % in Mar 1995 and a record low of -0.143 % in Mar 1961. Turkey Core Inflation Index: YoY data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Turkey – Table TR.OECD.EO: Consumer and Wholesale Price Index: Forecast: OECD Member: Quarterly. None

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 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.

The USDTRY increased 0.0464 or 0.12% to 37.9927 on Wednesday March 26 from 37.9463 in the previous trading session. Turkish Lira - values, historical data, forecasts and news - updated on March of 2025.

This dataset provides values for INFLATION RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Graph and download economic data for Producer Price Index by Commodity: Farm Products: Slaughter Turkeys (WPU014201) from Jul 1991 to Feb 2025 about slaughter, poultry, agriculture, commodities, PPI, inflation, price index, indexes, price, and USA.

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.

Graph and download economic data for Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Overall Index Excluding Energy, Food, Alcohol and Tobacco for Turkiye (TURCPHPLA01GYM) from Jan 1997 to Jan 2025 about tobacco, alcohol, Turkey, core, all items, and inflation.

As of December 2024, the inflation rate in the European Union was 2.7 percent, with prices rising fastest in Romania, which had an inflation rate of 5.5 percent. By contrast, both Ireland and Italy saw low inflation rates during the same period, with Ireland having the lowest inflation rate in the EU during this month. The rate of inflation in the EU in the October 2022 was higher than at any other time, with the peak prior to 2021 recorded in July 2008 when prices were growing by 4.4 percent year-on-year. Before the recent rises in inflation, price rises in the EU had been kept at relatively low levels, with the inflation rate remaining below three percent between January 2012 and August 2021. Rapid recovery and energy costs driving inflation The reopening of the European economy in 2021 following the sudden shock of COVID-19 in 2020 is behind many of the factors that have caused prices to rise so quickly in 2022. Global supply chains have not yet recovered from production issues, travel restrictions, and workforce problems brought about by the pandemic. Rising energy costs have only served to exacerbate supply problems, particularly with regard to the transport sector, which had the highest inflation rate of any sector in the EU in December 2021. High inflation rates mirrored in the U.S. The high inflation rates seen in Europe have been reflected in other parts of the world. In the United States, for example, the consumer price index reached a 40-year-high of seven percent in December 2021, influenced by many of the same factors driving European inflation. Nevertheless, it is hoped that once these supply chain issues ease, inflation levels will start to fall throughout the course of 2022.

The average inflation rate in Romania was forecast to continuously decrease between 2024 and 2029 by in total 2.3 percentage points. The inflation is estimated to amount to three percent in 2029. This indicator measures inflation based upon the year on year change in the average consumer price index. The latter expresses a country's average level of prices based on a typical basket of consumer goods and services. The values shown here refer to the year-on-year change in this index measure, expressed in percent.Find more key insights for the average inflation rate in countries like Bulgaria, Albania, and Turkey.

In August 2024, the global producer price index (PPI)/ wholesale price index inflation (WPI), excluding the U.S., stood at 174.01. In the United States, the index value amounted to 165.3. The PPI/WPI inflation tracks changes in the level of prices received by domestic producers for their goods and services. Consumer habits and price increases As of August 2024, consumers considered rising prices and inflation to be their biggest worry. Consumers are expressing this worry in numerous ways. Globally, over 20 percent of consumers have said they would shop less and seek cheaper options in response to price increases. Moreover, nearly 70 percent of surveyed consumers globally reduced their gift giving to extended family and friends during the holiday season in 2023 to stretch their budgets further. Impact of inflation on emerging economies Notably, emerging economies have a higher WPI value than advanced economies. Between 2021 and 2022, the average inflation rate in developing and emerging economies increased from 5.9 percent to 9.8 percent, before falling slightly to 8.34 percent in 2023. The countries with the highest inflation rates in 2023 include many developing and emerging economies, such as Zimbabwe, Argentina, Turkey, and Suriname.

The FAO Food Price Index (FFPI) averaged 124.9 points in January 2025, down 2.1 points from December 2024. The highest value for the index in the past 23 years was reached in March 2022. However, the rate of food price increases has been decreasing since.

Food prices worldwide The annual FAO Food Price Index (FFPI) by category shows that the price of vegetable oils grew by a particularly large margin. One of the factors that influenced the spike in oil prices worldwide during 2020 and 2021 were the supply-chain disruptions during the COVID-19 pandemic. Moreover, after the war in Ukraine, shipping costs and grain prices also had a noticeable impact on global food prices. Global food prices are calculated to have increased by 3.68 percent, due to changes in shipping costs and grain prices. The European Union (EU) has experienced a particularly high increase in the annual consumer prices for food and non-alcoholic beverages, as compared to other selected countries worldwide. Inflation in Europe

The inflation rate for food in the EU grew from 0.2 percent in May 2021 to 19.2 percent in March 2023, as compared to the same month in the previous year. In the following months, the food inflation started decreasing again, reaching 1.86 percent in April 2024. The overall inflation rate in the Euro area reached its peak in December 2022 at 9.2 percent. The rate has since fallen to 2.4 percent in December 2024. As measured by the Harmonized Index of Consumer Prices (HICP), inflation rates in Europe were highest in Turkey, North Macedonia, and Romania as of December 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.