Annual Inflation Rate Increases by 10,94 Percent

Garlic prices had the highest increase last month.

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Consumer prices in Turkey went up 10.94 percent in April compared to the same month last year, the Turkish Statistical Institute (TurkStat) announced today (May 4).

April's annual inflation rate was down from 11.86 percent in March amid coronavirus, TurkStat data showed. Last month, the consumer price index saw a rise of 0.85 percent on a monthly basis.

Clothing and footwear with 4.90 percent, recreation and culture with 4.91 percent and transportation with 5.54 percent were the other main groups where low annual increases realized. On the other hand, alcoholic beverages and tobacco with 31.32 percent, miscellaneous goods and services with 20.34 percent and housing with 14.52 percent were the main groups where high annual increases realized.

In April 2020, the other groups that indicated a decrease were communication with 1.23 percent, recreation and culture with 0.67 percent and housing with 0.32 percent amongst the main groups. On the other hand, miscellaneous goods and services with 4.66 percent, clothing and footwear with 4.08 percent and food and non-alcoholic beverages with 2.53 percent were the main groups where high monthly increases realized.

Last week, Turkey's Central Bank revised its year-end inflation forecast to 7.4 percent for 2020, down from 8.2 percent, thanks to a cut in projections of the output gap and food inflation.

The government's year-end inflation target is 8.5 percent for 2020 as laid out in the government's new economic program announced last September. (HA/VK)